Naira hits record low of 400 against the dollar

The fall in the value of the naira is yet to abate as the Nigerian currency exchanged for N400 to a dollar Thursday at the parallel market.

Fresh pressure on the naira since last week Thursday has seen the currency fall further from N318 to N400 to a dollar.

Financial experts linked the persistent fall of the naira to panic buying of the dollar and other major hard currencies by importers, individuals and businessmen.

Naira Faces Fresh Pressure, Falls To 222 Per Dollar

The naira, which rose to 180 against the dollar shortly after the inauguration of President Muhammadu Buhari about a month ago, has fallen to 222 at the parallel market due to a huge demand for dollars by importers and investors.

Increasing business activities have made importers and investors to move their foreign exchange demands to the parallel market, putting pressure on the naira at the segment, it was learnt on Tuesday.

The dollar was sold for between 220 and 222 on the streets of Lagos, Abuja and Kano on Tuesday, while the pounds and euro were sold for 350 and 249, respectively.