Nigeria: Naira Falls To All Time Low At Parallel Market
BEVERLY HILLS, July 06, (THEWILL) – The naira Monday hit an all time low against the United States dollar trading at N235 – $1 at the parallel market, currency dealers said.
The naira traded at N230 – $1 on Friday.
Traders said the naira has been under pressure at the parallel market since the central bank banned importers of 41 items like rice, cement, toothpicks, etc. from bidding for foreign exchange at the official market in order to preserve the nation's dwindling foreign reserves which stands at about $29 billion.
The official rate – N198.50.