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Dollars shortage aggravates, requires Naira down

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The shortage of dollars at the parallel market on Tuesday in Lagos required the Naira to N480 to a dollar.

The News Company of Nigeria (NAN) reports that the Pound Sterling and the Euro exchanged at N610 and N550, respectively.

Trading at the financiers window saw the naira closing at N385.98 to a dollar as financiers traded an overall of 20.27 million dollars.

The naira, nevertheless, was cost N381 to a dollar at the main Reserve bank of Nigeria (CBN) window.

The CBN had actually hitherto depended on the countries foreign reserve and the Diaspora remittances in its interventions at the forex market.

However current information from the CBN revealed that the countries foreign reserve fell by 544.94 million dollars from 36.17 billion dollars on July 1 to 35.62 billion dollars on Aug. 3.

The nation depends greatly on gas dollars to fortify its foreign reserve.

(NAN).



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