Amidst mounting demand and scarcity, the naira holds firm at N1380/$1 in Nigeria's parallel market. Traders report high demand driven by individuals and importers, maintaining a flat rate amidst fluctuating currency values. Concerns rise over the impact of dollar shortages on the country's economy.
Despite increased demand and scarcity of dollars in Nigeria's parallel market, the naira remained unchanged at 1,380 Naira to a dollar on Friday. Some traders reported selling rates of 1,410 Naira to 1,280 Naira in different parts of the country. High demand was attributed to individuals needing dollars for business, travel, and importers.
Meanwhile, at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the dollar closed flat at 1,402.67 Naira. Notable shifts were observed in currency values, with the intraday high dropping slightly from Tuesday's figure of 1,450 Naira to 1,445 Naira on Thursday, while the intraday low experienced a more significant decline from 1,200 Naira to 1,299 Naira during the same period.
The consistent challenges posed by dollar scarcity in the parallel market raise concerns about its impact on businesses, travel, and Nigeria's overall economic stability.
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