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Naira may hit N500/dollar next week

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The naira is seen depreciating further and
may hit the 500 mark to the United States
dollar at the parallel market next week as the
greenback scarcity persists and the Central
Bank of Nigeria cuts supply to foreign
exchange operators.

The local currency was trading around N495
to the dollar on the black market on
Thursday, compared to 485 per dollar last
week due to dollar shortages, traders said.
The naira was quoted at 310.5 to the dollar
on the official interbank window on Thursday
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.

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