By Modupe Gbadeyanka

The Nigerian local currency exchanged at N500 to the Dollar on the parallel market on Monday morning, Business Post reports.

This comes amid the scarcity of Dollar in the foreign exchange market in Nigeria.

According to report filed in by our correspondent, some forex operators interviewed in Lagos expressed fears that the Dollar may beyond N500 before the week of this week, possibly by N1 or N2.

One of the operators at the Olugbede Model Market in Egbeda area of the state, who simply identified himself as Mr Adamu, informed our correspondent that there seems no end to the crisis rocking the foreign exchange market in the country.

Though he said the clampdown on them by operatives of the Department of State Services (DSS) has subsided, however, most black market operators of forex were still cautious of security officials.

Business Post gathered that as at 11:23am on Monday, the Dollar was still being traded at N500, while the Pound Sterling went for N616 and the Euro for N530, same rate they all closed last Friday at the parallel market.

Also, the Naira remained stable at the interbank window exchanging at N305.25 to a Dollar, while at the Bureaux De Change (BDC) segment of the market on Monday, the Naira is being exchanged for N400 per Dollar.

The Central Bank of Nigeria (CBN has taken steps to strengthen the local currency, but it seems the Naira is being consumed by many pressures.

http://www.businesspost.ng/2017/02/06/forex-crisis-naira-may-go-n500-per-dollar-week/