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Dollar scarcity pushes naira to 352

dollars

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 exchange dealers said.

The local currency had weakened to 345 at the parallel market on Monday, having hit 338 last Friday as importers scrambled for the dollar to meet overseas obligations

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The central bank has left its official rate unchanged at N197 to the dollar on its interbank window.

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