Naira Hits a New All Time Record Low

The Nigerian Naira on Thursday fell to a new all time record low, exchanging at 311 to a dollar at the parallel market, D The British Pound Sterling was sold at N432 yesterday while the Euro exchanged at N331 at the parallel market. The interbank rate, as at yesterday, was 199.25 a dollar, 290.92 to Pound Sterling and 223.24 to a Euro. There are lots of pressure on the Central Bank of Nigeria (CBN) to devalue the naira in order to adjust to the reality due to the fall in the price of crude oil in the global market. The naira had lost about 30 per cent of its value at the parallel market following the suspension of the weekly auction to the Bureau de Change operators (BDCs) last month by the CBN.