Naira Sells at N366/$ as Dollar Scarcity Hits Black Market

By Dipo Olowookere

The Nigerian Naira was further weakened at the black market on Wednesday as a result scarcity of the United States Dollars at the market.

Business Post reports that the local currency was exchanged at the segment of the foreign exchange market yesterday at N366 to a Dollar.

The Naira, which was traded at N365 per Dollar on Wednesday morning, jumped to N366 in the afternoon before closing at the same amount at the close of business.

Business Post gathered that the Greenback is becoming scarce at the black market because of huge demand for it.

Also at the parallel market, the local currency lost N2 against the British Pound Sterling to quote at N470, while it remained unchanged against the Euro.

At the Interbank, the Naira remained unchanged to close at N306.80 to the Dollar, while at the Investors and Exporters window, it appreciated by 0.02 percent to settle at N364.15 per Dollar against N364.22/$ it previously closed.

During trading at the market segment, transactions worth $390.15 million were traded in 375 deals.