Naira at new low on black market as dollar shortage persists

The naira was quoted at a new record low of 235 to the dollar on the black market on Thursday, 1.50 naira down on the day, as dollar shortages persisted, one trader said.

Aminu Gwadabe, president of Nigeria’s Bureau de Change association told Reuters that people were holding dollars to protect themselves against further naira weakness.

The naira ended at 196.95 on the official interbank market on Wednesday.