Posted on: 03:54 Fri, 05 Feb 2016



The Nigerian Naira on Thursday fell to a new all
time record low, exchanging at 311 to a dollar
at the parallel market.

The British Pound Sterling was sold at N432
yesterday while the Euro exchanged at N331 at
the parallel market.

The interbank rate, as at yesterday, was 199.25
a dollar, 290.92 to Pound Sterling and 223.24 to
a Euro.

There are lots of pressure on the Central Bank
of Nigeria (CBN) to devalue the naira in order to
adjust to the reality due to the fall in the price
of crude oil in the global market.

The naira had lost about 30 per cent of its value
at the parallel market following the suspension
of the weekly auction to the Bureau de Change
operators (BDCs) last month by the CBN.