Naira hits new record low at parallel market as FX scarcity persists

Naira on Thursday fell to a record new low of N740 per dollar at the parallel market due to increased demand for foreign exchange (FX).

After trading on Thursday, the local currency lost N15 (2.03 per cent) to the dollar, which traded at N725/$ on Tuesday.

With the latest rate, Naira has depreciated by N175 (23.65 per cent) when compared with N565/$ at the beginning of the year.

At the Investors and Exporters window (I&E) forex window, Naira appreciated marginally by 0.02 per cent as the dollar was quoted at N436.25 on Thursday as against the last close of N436.33 on Wednesday.

Most currency dealers who participated in the foreign exchange auction on Thursday maintained bids between N420.50 (low) and N438.45 (high) per dollar.

As at the end of trading, a total of $223.30 was exchanged by participants at the official market.