Naira Slides N357/$ As Holiday Makers Scurry for Dollar

The Naira faced more pressure on Thursday, July 14, exchanging at N357 against the dollar as dollar demand by Nigerians going overseas for summer vacation shot through the roof.

The naira was trading at 357 to the dollar on the parallel market, weaker than 352 per dollar last week, but ias remained broadly stable at 282/283 to the dollar on the interbank market.

According to traders, the Central Bank of Nigeria, CBN, was the main supplier of dollars in the market, hence the stability in the official rate, which is expected to continue into next week.

The apex bank removed the naira peg in June, but the parallel market is still thriving as the regulator maintained some restrictions on access to dollars in the official market by firms and individuals.