Lagos - The naira tumbled for the second day running on Wednesday to its lowest against the dollar in almost two and half years, underscoring investors' strong demand for the currency after the Central Bank of Nigeria (CBN) lifted limits on sales of dollars.
The naira dropped as low as 165.63 per dollar, its weakest since October 2011, reports Daily Independent.
The currency weakened after the CBN rate review, which removed the weekly limit of $250,000 that may be sold to a bureau de change to shore up liquidity in that segment of the foreign-exchange market.
The new measure by the apex bank is expected to keep rates steady on easing inflation.
Read more at Daily Independent.
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