Following the Central Bank of Nigeria (CBN) decision to hike interest rates to 14% the Nigerian naira has drastically dropped to a new record low at the official market.
The naira plummeted to an all-time low of 334.50 to the dollar, from about 313/$1 earlier in the day, The Cable reports.
Investors expect that the local currency will fall as low as 350, before it commences to appreciate against other foreign currencies.


The Nigerian currency, Naira has continued its free fall at the parallel market as it dropped 2 points to trade at N377/$1 today, July 27.
This comes hours after the local currency had rallied back to regain strength over the dollar, trading at N375/$1 yesterday, from the N378/$1 rate it was on Monday, July 25.
However, a Bureau de change source in Lagos state, urged the CBN to integrate only licensed BDC operators into the forex distribution channel.
According to him, the dollar is scarce because there is huge demand for the greenback at parallel market.




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