The depreciation of naira hit a record low dropping 325 naira for 1 dollar at the parallel market on Thursday February 11, 2016.
As at Wednesday, the Nigeria currency closed at 318 against the United States dollar, after hitting 313.5 and 310 on Tuesday and Monday, respectively.
According to Punch News report “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 Punch correspondent.
Also, the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said “We see the naira falling further in coming days if the central bank fails to lift the dollar restriction”