Nigeria’s naira fell 0.75 percent in volatile trades against the
dollar shortly after the forex market opened as demand for the
greenback surged amid thinning liquidity, dealers said.
The naira, which opened at 192.70 to the dollar, quickly hit a
record low of 194.30. It closed within a range of 190.10 to
192.40 the previous day.
The naira is trading outside a target of 160-176 to the dollar,
which the central bank set following a devaluation in
November and has continued to hit record lows despite the
bank’s regular interventions.
( REUTERS )
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