Naira in free fall as dollars scarcity paralyses activities at parallel market

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The Naira on Monday fell freely at the parallel market, as scarcity of dollars paralysed activities.

It lost N3 to exchange at N241 to the dollar on Monday afternoon, after it traded for N238 to the dollar on Friday.

The official inter-bank rate remained at N197 to the dollar.

Traders at the market said that the scarcity of dollars had crippled activities at the market.

They said the situation was worrisome and urged the apex bank to ensure that more dollars were sold to meet the increasing demand of the currency.

Also speaking, an operator of Bureau de Change (BDC), Mr Harrison Owoh, noted that the CBN sold forex to BDCs only once last week.

Owoh, who is the Managing Director of H.J Trust and Investment Ltd, said that the fall in the Naira was due to high demand for the dollar, which he said was more than the supply.

Source: Vanguard