Nigeria: Naira Sinks To A New Low As Currency Scarcity Returns (Photos)

The nation’s currency, Naira on Tuesday crashed to a low against a U.S dollar. While it’s exchange for British Pound, and the Euro also escalated.

File photo
The Nigerian Naira on Tuesday sank to N480/$1 as fresh forex scarcity hit the parallel market.
The depreciating Naira also traded at N585 and N500 to the British pound and European Euro, respectively.
At the official side of the forex market, the local currency also depreciated against a resurgent US dollar, trading at 315.125 per dollar, according to the FMDQOTC trading quotes.
Speaking to a correspondent, some Bureau de change (BDC) operators blamed  the scarcity of forex on the inability of commercial banks to provide stipulated weekly allocations for BDCs.
Others blamed it on the Department of State Services (DSS) on forex dealers and increase demand, as the country inches towards the Christmas and new year festivities.

Written by Adewale Kehinde

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