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Naira hits record low 196.30 to dollar

10 February 2015, 14:36

Lagos - The naira hit an all-time low of 196.30 against the dollar at the interbank segment of the foreign exchange market on Monday following the announcement of the postponement of the general elections by six weeks, Punch reports.

The Independent National Electoral Commission had on Saturday announced the postponement of the elections from February 14 and 28 to March 28 and April 11.

Also read: Naira appreciates at interbank market

The postponement of the elections has cast a shadow on the naira’s outlook, pushing the forex markets into a panic mood, according to analysts.

Foreign exchange dealers and financial analysts told our correspondent on Monday that the poll shift had heightened pressure on the naira as investors became worried over whether the elections would hold or not.

On Friday, the naira closed at 193.90 against the dollar despite an intervention by the Central Bank of Nigeria. The naira had closed at 192.70 to the greenback on Thursday.

Read more at Punch


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