The Naira on Monday, February 15, has hit a record low of 340 to the US dollar on the parallel market as the greenback remained scarce. According to News Agency of Nigeria (NAN) the naira lost N5 to exchange, a depreciation of 1.5 per cent. Over the weekend, the nationâ€™s currency closed at N335 to the dollar.
The local currency last week fell from 310 to 338 as acute shortage of the dollar lingered as Nigerians scramble to get the greenback. Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar. Traders at the market decried the increasing fall of the nationâ€™s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities. If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira â€“ US Dollar exchange rate on the parallel market.