Naira might be N500 per dollar if dollar shortage persists

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Naira might be N500 per dollar if dollar shortage persists

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The naira continues to crash and might hit the 500 mark to a dollar next week as the Central Bank of Nigeria (CBN) cuts supply to foreign exchange operators.
Naira

Naira

It traded around N495 to a dollar in the Black Market on Thursday compared to the N485 it was traded for last week.On the interbank window on Thursday, the naira was quoted to be N310.5 to a dollar 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.The severe shortage of the dollar has placed heavy persistent pressure on the naira at both the official and parallel Forex markets.Economic and financial experts report that unless the problem of dollar supply is addressed, the consequent economic challenges might persist. The dollar shortage has led to the shutting down and laying off of companies and workers respectively.The CBN has struggled to support the naira as the country’s external reserves continue to dwindle.

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