Nigeria's naira falls 1.25pc on parallel market after fuel hike

LAGOS: Nigeria's naira currency weakened 1.25 percent to 324 to the dollar on the parallel market on Thursday after the West African country raised gasoline prices by 67 percent, traders said.

"People are holding on to their dollars in anticipation of an increase in demand for dollar by oil importers," said Aminu Gwadabe, head of the bureaux de change operators association.

On Wednesday, the government said fuel importers were from now on allowed to get dollars from the parallel market to help ease acute shortages.