Nigerian naira hits new record low of 460 per dollar on black market

LAGOS: The Nigerian naira plunged further to a new record low on Wednesday, down 1.76 percent against the dollar on the parallel market even as dollar supplies dry up.

The local currency fell to 460 to the dollar on the black market, down from 452 at the close of trading on Tuesday.

Though the naira closed at 305.50 to the dollar on the official interbank market against 305 a dollar the previous day, traders said dollar liquidity remains a major challenge in the market.

"Trading has continue to be thin on the interbank market as the dollar shortage persists while demand for the greenback remains strong," one dealer said.