Naira hit another record low of 241 against the dollar at the parallel market

According to Reuters reports, naira has hit another record low of 241 against the dollar at the parallel market. The source also noted that, the ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira-dollar exchange rate at the black market.

According to foreign exchange dealers, the artificial scarcity of the United States currency still pervaded the market. Financial experts say the CBN need to devalue the naira to allow the local currency achieve an equilibrium price against the dollar. However, the CBN stated that it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.