BREAKING: Naira Falls Massively Amid Forex Scarcity, See New Exchange Rate

Naira has fallen massively amid Forex Scarcity, See New Exchange Rate below.

 

 

NewsOnline Nigeria reports that 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 NewsOnline Nigeria on Thursday morning.

 

This Nigeria News platform understands that 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.

 

NewsOnline Nigeria recalls that on June 14, the Central Bank of Nigeria introduced reforms to unify the forex market; however, the crisis has persisted.