Naira Hits All-time Low Of 470 Per Dollar
By Modupe Gbadeyanka
Nigeria’s currency, the Naira, continued its free fall on Wednesday, slumping to a new all-time low of 470 to a Dollar on the parallel market.
At the close of trading on Tuesday, the Naira exchanged at 452 to the Dollar.
On Monday, it traded at 445 to a Dollar.
Wednesday’s fall remains the daily decline since the adopted flexible foreign exchange regime by Central Bank of Nigeria (CBN) kicked off on June 20, 2016.
At the interbank market, the Naira closed flat at 312.99 against the Dollar at the interbank market on Wednesday.
According to reports, the high demand for the Dollars for the payment of school fees abroad at the moment is responsible for the pressure on the US currency.