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Nigeria’s Naira Hits Record Low Against The Dollar

Nigeria’s currency the Naira was quoted at a record low of 232 naira to the dollar on the parallel market on Monday morning, down from 230 naira on Friday, Reuters reports.

However at the closing of business, the Naira went for N236.50 against the Dollar, N345 against the Pound and N235 against the Euro, according to Leadership.

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The naira has been under the ropes on the black market after the central bank two weeks ago curbed access to the dollar on the official interbank market for importers buying a wide range of goods, shifting demand for hard currency to the black market.

The currency traded at 198.50 naira on the interbank market.

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