Naira Falls As Dollar Scarcity Worsens

The Naira on Friday fell at the parallelmarket 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.Naira-DollarAt 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 toa dollar.Traders said that the demand for dollars was putting pressure on the Naira.