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Reserves fall… naira trades at 250/$1 and 365/£1

Reserves fall… naira trades at 250/$1 and 365/£1
December 09
18:28 2015

The Nigerian local currency, naira, is trading at 250 to the greenback and 365 to the pound on Wednesday at the parallel market.

“We are selling at the dollar at N249.50 and the pound goes for N365,” a trader told TheCable on Tuesday in Lagos.

However, a traveller complained that the rate at the Murtala Muhammed Airport is way higher than it should have been on the parallel market.

He complained that the pound was selling at the Nigerian Aviation Handling Company (NAHCO) area of the airport at N400.

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Despite falling reserves, the Central Bank of Nigeria has insisted that the country is not experiencing dollar scarcity.

The apex bank says that it has just refused to sell dollars to bureau de change (BDC) operators who could not present the necessary documents for dollar purchase.

The foreign exchange reserves, which stood at $29.80 just on Monday, fell again to $29.6bn on Wednesday from $35.6bn at about the same time in December 2014.

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President Muhammadu Buhari continues to maintain that the currency will not be devalued.

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