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Naira Falls Against 2 Major Currencies As Dollar Scarcity Worsens

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The Naira on Friday fell against two major currencies at the parallel market as dollar scarcity worsened ahead of the festive season.

The Nigerian currency exchanged at N487 to a dollar, from N485 it had maintained for close to two weeks.

It also fell to N510 to the dollar while appreciated to N605 to the Pound Sterling from N607 the previous trading session.

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.

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