Naira gains at official market as new notes' scarcity bites harder

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Naira closed at N461.50 per $1 at the spot market on Wednesday, appreciating by 0.04 per cent.

Naira gained slightly against the United States dollar at the Investors and Exporters window on Wednesday , a day after it fell amidst scarcity of new naira notes in the country.

This became significant as forex supply within the business period skyrocketed by 30.1 per cent from $68.85 million recorded Tuesday. Currency dealers in Abuja said the dollar was exchanged at N765.00 to a dollar on Wednesday in the parallel market. This represents a N10.00 or 1.53 per cent depreciation from N755.00 per $1 it was exchanged Tuesday.

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