The naira has fallen further against the dollar to a new low of N177.45, bringing the total value loss by the local currency this year to 10.5 per cent.

The national currency has been under persistent pressure since June when the global oil prices started crashing. It, however, began a steep and consecutive fall 10 days ago.

The naira on Friday shed 0.76 per cent to close at the N177.45 against the greenback, despite the Central Bank of Nigeria’s intervention for a fifth day with dollar sales to prop up the currency. According to foreign exchange dealers, the development forced the CBN to ask 21 commercial banks to bid for $2m each.

The central bank has been selling between $150m and $200m in each intervention, causing huge depletion in nation’s external reserves.