Naira falls to N487 as dollar scarcity worsens

Lagos – The Naira on Friday fell at the parallel market as dollar scarcity worsened ahead of the Christmas season.

The Nigerian currency exchanged at N487 to a dollar, from N485 it had maintained for close to two weeks, while the Pound Sterling and the Euro closed at N605 and N510 respectively.

Also read:Naira plunges to 440 as dollar inflow drops

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N606 and N515 respectively.

The Naira remained stable at the inter-bank market, trading at N305 to a dollar.

Traders said that the demand for dollars was putting pressure on the Naira.

Source-NAN

Do NOT follow this link or you will be banned from the site!