Naira falls as dollar scarcity worsens

The Naira on Friday fell at the parallel market as dollar scarcity worsened ahead of the Christmas season.

The Nigerian currency exchanged at N487 to a dollar, from N485 it had maintained for close to two weeks, while the Pound Sterling and the Euro closed at N605 and N510 respectively.

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.