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Money matters as the Nigerian Naira on Tuesday sank to N480/$1 as fresh forex scarcity hit the parallel market.
It is gathered that the depreciating Naira also traded at N585 and N500 to the British pound and European Euro, respectively.
At the official side of the forex market, the local currency also
depreciated against a resurgent US dollar, trading at 315.125 per
dollar, according to the FMDQOTC trading quotes.
While speaking to a correspondent, some Bureau de change (BDC) operators
blamed the scarcity of forex on the inability of commercial banks to
provide stipulated weekly allocations for BDCs.
Others blamed it on the Department of State Services (DSS) on forex
dealers and increase demand, as the country inches towards the
Christmas and new year festivities.
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