Naira: no respite in forex market

The naira hit a new record low on Tuesday on thin dollar liquidity, amid concerns over political stability after a six-week delay to Nigeria’s presidential election.

The naira was quoted at a record low of 197.3 to dollar by market open and quickly fell to 198.95. In the bureau de change, the quote at 11 a.m today was N212, two naira more than the N210 it traded on Friday.

“You can’t even get the dollar in the bank, it is very scarce”, a BDC operator told TheNEWS today.

Nigeria’s electoral commission said late of Saturday it would postpone the Feb. 14 presidential election until March 28 due to security concerns.

*with Reuters