Naira slides further to 372 per dollar

TVC E, BUSINESS – The acute scarcity of dollar continued with naira closing at 372 against the United States currency at the parallel forex market.

Forex dealers linked the persistent fall of the naira to panic buying of the dollar and other major international currencies by importers, individuals and businessmen.

With the naira exchanging at 372 to a dollar, the local currency has lost 20% of its value in the last ten days.

The local index dropped by 1.81 per cent to 24,070 points as investors took profits from previous gains on the stocks.

Some offshore investors are booking profits and selling down their holdings due to the rapid decline of naira’s value.