Foreign Exchange: Dollar Scarcity Pushes Naira to 352

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Foreign Exchange: Dollar Scarcity Pushes Naira to 352

By Correspondent

The acute scarcity of Dollars for foreign exchange, has made the Naira to fall further on Tuesday to 352 against the dollar at the parallel market. The reason for this, according to expert foreign exchange dealers and importers, is the increasing pressure on the Naira caused by high demand for the dollar. But the local currency had weakened to 345 at the parallel market on Monday, having hit 338 last Friday as importers struggled for the dollar to meet overseas obligations. Despite all the happenings, the Central Bank has left its official rate unchanged at N197 to the dollar on its interbank window. The acting President, Association of Bureau De Change Operators, Aminu Gwadabe, told newsmen on Tuesday that most individuals who sell (dollars) are no longer willing, though demand is piling up.

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