Dollar Scarcity Presists, Naira Tumbles to 371

The continuing pressure on the naira rose sharply on Wednesday with the local currency tumbling to a new low of 371 against the United States dollar at the parallel market. It had closed at 361 per dollar on Tuesday.

The delay by the Central Bank of Nigeria in explaining how the proposed flexible exchange policy will work has increased speculation on the currency.

Foreign exchange dealers and investors said the delay had caused uncertainty in the foreign exchange market and fuelled hoarding of hard currencies.

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