Increasing Dollar scarcity or demand in the foreign exchange market has put the Naira under more pressure as it declined to N472 per dollar at the parallel (black market) on Monday from N465 on June 15, according to abokiFX.com, which collates rates from street traders in Lagos.
Available records from Bloomberg show that this was the weakest since February 2017 and compares with 12-month forwards that traded at N456.65 as of 1:20 p.m. in Lagos.
In the official spot market, the local currency weakened 0.2per cent to N389 per dollar.