Naira Weakens Further To 371 As Dollar Scarcity Persists

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Naira Strengthens To N435/$ From N525 As CBN Continues Intervention

The naira weakened further to N371 to a dollar at the parallel market on Wednesday, as against the N361 to the United States dollar it closed on Tuesday, June 7, 2016.

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).

READ ALSO: Naira Weakens Against Dollar As CBN Adopts Flexible Forex Policy

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.

READ ALSO:Naira Plunges To 361 Against Dollar As Oil Prices Hit Record High In 2016

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.

“Demand for the greenback has increased amidst growing scarcity as uncertainties created by the new policy have caused individuals to start to stock dollars,” the National President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told Reuters on Wednesday.



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