Forex scarcity: Naira tumbles to 486 against dollar
The Nigerian currency fell against the dollar on Tuesday at both the parallel market as well as the investors and exporters’ foreign exchange window.
The naira fell to 486 per dollar from 482/$1 on Monday at the parallel market.
At the I&E window, the naira dropped by 0.08 percent to close at 410.67/$1, with a turnover of $99.49m, according to FMDQ Group.
The Lagos Chamber of Commerce and Industry said last week that the difficulties faced by many investors in Nigeria in accessing forex for importation of raw materials, equipment and some critical inputs for production and processing was putting investments and jobs at risk,
“This situation is taking a huge toll on capacity utilisation, business turnover, sales, and profitability. Sustainability of some of these investments are currently at risk with dire implications for retention of jobs,” the LCCI President, Mrs Toki Mabogunje, said.
Last Friday, the Manufacturers Association of Nigeria called on the Federal Government to provide priority allocation of foreign exchange and special credit window to the manufacturing sector.
