Nigeria's naira is seen depreciating further and could hit the 500 mark to the dollar on the black market by next week as greenback scarcity persists and the central bank cuts supply to forex operators.
The local currency was trading around 495 to the dollar on the black market on Thursday, compared to 485 per dollar last week due to dollar shortages, traders said.
The naira was quoted at 310.5 to the dollar on the official interbank window on Thursday by commercial lenders.
"There is an acute shortage of dollars in the market because of supply being slashed by half to bureau de change from international money transfer agents, pushing the naira down," one trader said.
Bureau de change operators are now getting $8,000 each per week from Travelex against the usual $15,000 each per week.
(C) Reuters News
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