Abuja - The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas.
The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively.
Also read: Naira drops further to 318 against dollar
“The dollar is falling because importers need forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a forex dealer told our correspondent under condition of anonymity.
The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window.
- News 24