Naira hits new record low of N365.25 per dollar

LAGOS Aug 18 (FxMallam) – According to Data reported by Thomson Reuters, the Nigerian naira traded at a new an all-time low of 365.25 to the dollar on Thursday in a single interbank market trade of $1 million.

Earlier, it was reported that the nation’s foreign exchange reserve fell to $25.78 billion as of August 16, down 2.11 percent from a month ago according to data from the Central Bank of Nigeria (CBN) released on Thursday. Since removing the currency peg a couple of months ago, CBN has bank stepped up dollar sales to boost interbank liquidity and support the local currency.

CBN has been selling dollars almost daily on the interbank market to prop up the currency.

Interbank trading started two hours after the market opened with the naira trading sharply lower against the dollar. As of 3.10pm GMT, the naira has rebounded slightly.