The Nigerian currency, the naira has continued on a free fall against the dollar yesterday, September 8, dropping to a new all-time low at the parallel market in Lagos.
The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in forex reserves.
The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window, coming down to 535/$1 at the parallel market.
It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1.
The naira dipped to 730 against the British pound sterling at the parallel market from 727/£1 on Tuesday, while the euro rose to N629 from N626.
