Forex scarcity: Naira weakens against major currencies

It was a bad outing for the Naira on Thursday at the parallel market as it weakened against all three major currencies, the News Agency of Nigeria (NAN) reports.

NAN reports that Naira lost three points to the dollar as it closed at N493 to a dollar, against N490 it traded on Wednesday.

Also, the Pound Sterling and the Euro exchanged for N595 and N506, respectively.

At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, the Central Bank of Nigeria (CBN) controlled rate, while Pound Sterling and the Euro closed at N598 and N510 respectively.

The Naira, however, remained stable at the interbank window as it exchanged for N305.00 to a dollar.