Naira soars to 450 as dollar scarcity fades out



The naira climbed to a three-month high at 450 against the United States dollar on the parallel market on Friday, as the scarcity of the greenback began to fade out on the official and black foreign exchange markets.

This came four days after the Central Bank of Nigeria commenced the implementation of the reformed foreign exchange policy aimed at boosting dollar supply on the official market.

The local currency, which had tumbled to 520/dollar on Monday, closed at 495 on Thursday.

Following the announcement of the new forex policy measures by the CBN on Monday, the naira commenced a gradual reversal of its previous losses, closing at 512/dollar on Tuesday.

It recorded further gain on Wednesday and Thursday, closing at 505/dollar and 495/dollar, respectively.

Foreign exchange traders said the CBN had intervened on the official market in recent days.

On Friday, the CBN sold $1.5m on the interbank market at 305 per dollar to boost liquidity, Reuters reported, quoting traders

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