The naira dipped further on Thursday, May 12, by 1.25 per cent to N324 per dollar at the parallel market.
The crash came following the announcement of the 67 per cent hike in fuel pump price leaving it at the maximum of N145 per litre.
However, the naira exchanged at 199.40 to the dollar on the official interbank market, around the 197 official peg rate
“People are holding on to their dollars in anticipation of an increase in demand for dollars by oil importers,” President, Association of Bureau De Change Operators of Nigeria (ABCON) Aminu Gwadabe, said.
“There is dollar scarcity right now in the market, even at 324 naira you can’t find dollar to buy,” one trader told said. Traders said expected pressure from fuel importers could further push down the naira value in the coming days.
