Naira Drops To Record Low Of 241 Against Dollar.

According to Reuters, the naira is said to have hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars.

The ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the Naira-dollar exchange rate at the black market.

Since June 23 when the new forex rule became operational, the naira has fallen by 10.5 per cent from 218 to 241 against the dollar.


The new Forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the Naira.

Local and foreign analysts had predicted that the Naira might hit 250 against the dollar at the parallel market any time soon if the artificial scarcity trend continued.

The central bank appears to be in a fix as the spread between the official and parallel market continues to widen by the day.