Naira down to N274, daily spending on cards cut to $150

Nigeria’s naira fell to a new range of between 274 to 280 in volatile dollar trades in the parallel market on Thursday, after banks cut the amount individuals travelling abroad can spend on their bank cards, traders said.

The naira has been hitting new lows among retail bureaux de change operators on renewed drop in oil prices and central bank’s efforts to curb demand to conserve its dwindling foreign reserves. The currency closed at a low of 270 naira on Wednesday.

Commercial banks in Africa’s biggest economy this week cut the amount individuals can spend abroad to between $100 to $150 per day or $12,000 annually, down from $50,000 set by the central bank in April.