Scarcity of dollar hits parallel market

The naira on Friday dipped further as scarcity of dollar hit parallel market.

The naira lost N6 to exchange at N238 to the dollar as against its previous value of N232.

According to NAN, the currency of the biggest economy in Africa stabilised at N232 to the dollar for almost two weeks before scarcity of dollar forced it to depreciate further.

Meanwhile, its value at the inter-bank window remained at N197 to the dollar.

Traders attributed the inability of the apex bank to sell dollars to the Bureau de Change operators on Friday as the cause of the current scarcity.