Naira sinks to 378/dollar

The naira fell to 378 against the dollar at the parallel market on Monday, down from 375 on Friday as scarcity of the greenback continued to weigh on the local currency at both the interbank and black markets.

The dollar liquidity crisis at the interbank market has led to a continued pressure on the naira, causing consistent drops on the value of the naira at both the interbank and parallel markets.

At the interbank market on Monday, the naira slipped by 2.5 per cent to a new closing low of 310 per dollar.