Naira decline worsens, hits new low of N1,100 to a dollar

The continuous decline of the Nigerian currency worsened on Wednesday, hitting a new record low across segments of the market.

Ripples market monitor revealed that the Naira hit an all time low of N1,100 to USD1.0 mid-day in the parallel market before settling at N1,060 in the major trading hubs in Lagos.

The British pounds sterling exchanged for N1,300 while the euro exchanged for N1,110 at the black market.

READ ALSO:Naira depreciates further in parallel market, now N1,030 to a dollar

The naira had hovered around N1,025/$1 in the month of September in the parallel market.

At the official Nigerian Forex Market, the Investors & Exporters (I&E) window, the naira got a breather, hovering around N790.61/ $1 yesterday after the downward rate of N848/$1 on Tuesday.

Despite the marginal gain, the rate remained much higher than it was last week, while dealers expected further depreciation from today.

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