The naira is seen
depreciating further and may hit the 500 mark to the United States dollar at
the parallel market next week as the greenback scarcity persists and the
Central Bank of Nigeria cuts supply to foreign exchange operators.
The local currency was trading around N495 to
the dollar on the black market on Thursday, compared to 485 per dollar last
week due to dollar shortages, traders said.
The naira was quoted at 310.5 to the dollar on
the official interbank window on Thursday by commercial lenders.
“There is an acute shortage of dollars in the market because
of supply being slashed by half to Bureau de Change operators from
international money transfer agents, pushing the naira down,” one trader said.
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