Capital Market Finance

Dollars scarcity worsens, forces Naira down

The scarcity of dollars at the parallel market on Tuesday in Lagos forced the Naira down to N480 to a dollar.

The Pound Sterling and the Euro exchanged at N610 and N550, respectively.

Trading at the investors’ window saw the naira closing at N385.98 to a dollar as investors traded a total of 20.27 million dollars.

The naira, however, was sold at N381 to a dollar at the official Central Bank of Nigeria (CBN) window.

The apex bank had hitherto relied on the nation’s foreign reserve and the Diaspora remittances in its interventions at the foreign exchange market.

But recent data from the CBN showed that the nation’s foreign reserve fell by 544.94 million dollars from 36.17 billion dollars on July 1 to 35.62 billion dollars on Aug. 3.

The country depends heavily on petrol dollars to shore up its foreign reserve.

 

Related posts

States external debt rises to N3tn

Editor

On policies and local food, fuel production

Our Reporter

August bond auction oversubscribed by N10.09bn, says DMO

Editor

COVID-19: SEC leveraging fintech in capital market regulations — Acting DG

Meletus EZE 

First Bank reinforces financial inclusion, disburses N17 billion

Our Reporter

CBN warns against illicit naira transactions

Editor