Markets

Nigeria naira at new record low of 233 on parallel market

Published July 7, 2015 Updated July 7, 2015 12:05pm

1 min

By Shoaib Ur Rehman

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LAGOS: Nigeria's naira was quoted at a new record low of 233 to the dollar on the parallel market on Tuesday, weaker than 232 naira on Monday owing to a shortage of the greenback, traders said.

The naira has been on the ropes on the parallel market since the central bank introduced new measures two weeks ago restricting importers from sourcing the greenback from the interbank market, shifting dollar demand to the black market.

The naira ended at 196.95 to the dollar on the interbank market on Monday.

Trading had not started on the interbank market at 1010 GMT on Tuesday.

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