Naira Appreciates, As Dollar Scarcity Delays Petrol Importation – Marketers
The Naira has on Monday, February 1, recorded a marginal gain against the dollar at the parallel market despite the scarcity of the greenback, The Nation reports.
The country’s currency gained one point to exchange at N305 from N306 it exchanged previously, however, it remains unchanged at the official market, closing at N197 to the dollar.
Traders in the parallel market, however, noted that the naira had remained stable, exchanging between N305 and N306 to the dollar.
Meanwhile, the country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said.
According to the marketers, sourcing for dollars to import the product was becoming increasingly difficult, with most of them turning to the parallel market for foreign exchange.
The naira could weaken further on the back of rising dollar demand this week unless a major step was taken to inject liquidity into the system.