Naira hits record low, N232 to a US dollar

Nigeria’s currency was quoted at a record low of 232 naira to the dollar on the parallel market on Monday down from 230 naira on Friday, traders said.

The naira has been under the ropes on the black market after the central bank two weeks ago curbed access to the dollar on the official interbank market for importers buying a wide range of goods, shifting demand for hard currency to the black market.

The currency traded at 198.50 naira on the interbank market.