On Monday the naira hit another record low of 241 against the dollar at the parallel market, Reuters reported.

The source notes that the ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira-dollar exchange rate at the black market.

Nigeria's currency has fallen by 10.5 per cent from 218 to 241 against the greenback since June 23.

According to foreign exchange dealers, the artificial scarcity of the United States currency still pervaded the market.

Financial experts say the CBN need to devalue the naira to allow the local currency achieve an equilibrium price against the dollar.

However, the CBN stated that it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.

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Source ?

This is old news.

Arian11:
Source ?

Naij.com

I hereby called on the moderator of this forum to close this thread with immediate effect so as not to deceive well meaning Nigeria as his source is 11 months ago