Access, Other Banks Announce New Exchange Rates for Dollar, Euro, Pound, 8 Other Currencies

• Nigerian banks have updated their exchange rates for the naira against the US dollar for PTA, BTA, and other FX needs
• The latest rate captured on their websites shows that the naira's exchange rate to the dollar remains below N1,600
• The CBN also shared the updated naira-to-dollar rates, including those of nine other foreign currencies

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The naira exchange rate against the US dollar in the official foreign was stable, closing at N1,550 on Tuesday, June 25.

This is the same rate the Central Bank of Nigeria quoted on Monday in the Nigerian Foreign Exchange Market (NFEM).

Nigerian banks have also updated their foreign exchange rates for Nigerians seeking Personal and Business Travel Allowance (PTA/BTA), as well as those paying for school fees and medical expenses abroad.

The latest updates show that the dollar is sold at N1,500

Naira against pound, euro

However, it was a different outcome as the naira against the British pound sterling and the euro.

CBN data showed that the Nigerian currency depreciated against the Pound Sterling at NAFEM on Tuesday by N27.02 to settle at N2,109.78/£1, compared to Monday’s rate of N2,082.76/£1.

While against the Euro, it weakened by N15.61 to quote at N1,798.12/€1, down from N1,782.51/€1 on Monday.

Here is the latest buying rate for PTA/BTA offered by Access Bank

• US Dollar: N1,500.00
• British Pound: N2,011.31
• Euro: N1,717.23
• Swiss Franc: N1,821.32
• Japanese Yen: N10.03
• Canadian Dollar: N1,081.24
• Australian Dollar: N957.11
• South African Rand: N81.98
• UAE Dirham: N402.41
• Singapore Dollar: N1,158.41
• Chinese Yuan: N201.01

Naira to the dollar at the black market

In the unofficial market also known as the parallel market, the naira appreciated against the US dollar.

Abudullahi, a forex trader, told Legit.ng that there was lower demand on Tuesday.

“At the start of the day on Tuesday, we sold the dollar at N1,585 and bought at N1,573. However, due to low demand, our rates dropped to N1,575 for selling and N1,560 for buying.

"On Monday, our rates were N1,590 for selling and N1,578 for buying. On Tuesday, the selling rates for the pound and euro were N2,150 and N1,800, respectively.”

US to impose Tax on diaspora remittances

Earlier, Legit.ng reported that the United States have introduced a bill proposing a five per cent excise tax on all remittances sent abroad.

The bill was unveiled by the US House of Representatives targeting financial transfers from US residents to recipients abroad.

According to data from the Central Bank of Nigeria (CBN), between January and October last year, Nigeria received about $4.22 billion in diaspora remittances via International Money Transfer Operators (IMTOs).

Source: Legit.ng