Naira Trades Low At Official Market As Dollar Remains Scarce

The Naira has continued to trade low at the official window meant for investors and exporters in the country.

The naira fell from N413.3 traded on Friday to N414.83 on Monday.

At the parallel market, the naira traded at N571 against the dollar as forex crunch frustrates businesses in the country.

The naira is tumbling despite the $4bn raised by the Debt Management Office from the international Eurobond market.

Before the issuance of the bond, the DMO said the Eurobond would serve as an inflow of foreign exchange, leading to an increase in External Reserves.

DMO said, “External Reserves help support the Naira Exchange Rate, and Nigeria’s sovereign rating.”

But importers who spoke to THE WHISTLER said they are still battling with sourcing the dollar from the official window.

“I can’t even get dollars to pay my creditors abroad,” Oriaku, a spare part dealer at the Apo Mechanic Village in Abuja said.