The Naira has fallen at 402 naira per dollar on the black
market on Wednesday, traders said, weaker than 397 it traded at its previous
session as dollar shortages gripped the official market.
The naira, which hit fresh record low since the central bank
floated the currency on the official interbank market in June, first touched
400 on the black market this month, Reuters report.
On the interbank market on Wednesday, no trades were posted
until three minutes before the end of the session, when the central bank which
has been reducing its dollar sales, intervened, traders said.
Only three deals worth $0.75 million were traded at 305.50
per dollar, a level the market has closed at since Monday. The naira hit an
all-time low of 365.25 per dollar on the interbank on Thursday.
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