February 17, 2016/Punch The acute scarcity of foreign exchange, especially the United States dollar, made the naira to fall further on Tuesday to 252 against the greenback at the parallel market. The increasing pressure on the naira is caused by high demand for the dollar by importers and speculators, foreign […]
Tag: Punch
Naira to weaken further as dollar demand soars
February 15, 2016 The naira will weaken further at the parallel market this week after shedding nine per cent of its value last week, foreign exchange dealers and economic experts have said. Last week, the local currency fell from 310 to 338 as acute shortage of the greenback lingered. The […]
Naira falls to 325 on dollar shortage
The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively. […]
