Naira slumps to 980/dollar amid Forex scarcity

Nigeria’s currency, the Naira, has continued its depreciation after exchanging to the dollar at 980/$ at the parallel market on Wednesday.

A Bureau De Change Operator in Zone 4 Abuja, Ahmed Gazali, confirmed this to on Thursday.

Gazali attributed the development to the forex scarcity.

“It is because of forex scarcity; the situation is fluctuating. For instance, it was N920/$1 on Monday but N980/$1 on Wednesday. We can’t tell what tomorrow holds. It may ease or get worse”, he stated.

However, on the FMDQ at the official window, the Naira appreciated slightly after closing at 770.71/$ on Wednesday from 776.76/$ on Tuesday.

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