Naira Falls To 371 As Dollar Scarcity Continue

The local currency had fallen sharply from
N350 to a dollar it closed the previous week
to N357 to a dollar on Monday.
This is coming against the backdrop of
increased delay mounted over the modalities
for the proposed flexible exchange rate regime
to be introduced by the Central Bank of
Nigeria (CBN).
Advertisement
Foreign exchange dealers and investors said
the delay had caused uncertainty in the
foreign exchange market and fuelled hoarding
of hard currencies.
According to foreign exchange dealers at
black markets in Lagos, Abuja and major
airports across the country, the dollar was
sold for between 367 and 373 on Wednesday.
Findings from various operators revealed that
the local currency went for 371 against the
greenback in most of the parallel market
locations.
However, the currency traded at 199.40 to the
dollar on the official interbank market, within
the CBN’s pegged rate band.