Naira falls to record low against Dollar


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The Naira has continued its unparalleled fall in value to the dollar.

In major segments of the foreign exchange market, the Naira weakened further against the dollar and inflation hit 17.6percent.

The Naira fell at N2.24 to exchange at N308.69 to the dollar, from the initial Thursday record of N306.93 in the interbank market.

The local currency which has been on a downward fall since the CBN took away the currency price ceiling it placed on it.

The current Bureau De Change exchange rate has closed in at N420 to the dollar, N550 to the pound and N465 against the Euro.

At the parallel market, Naira lost N2 to close at 425 against the dollar from Thursday’s value of N424, it exchanged N545 to the pound sterling and N470 to the Euro.

The traders have complained that in spite of the reduction in the rush for the greenback to meetup with schoolfees, the Naira continues to depreciate in value.

Consumer price index which measures inflation from the National Bureau of statistics shows that inflation increased year -on-year from 17.1percent in July to 17.6percent in August.

The CPI for the month of August rose by 0.6percent from 16.5percent in June to 17.1percent in July.

National Bureau of statistics, had earlier on attributed its increase to high energy rates which has negative impact on the index.

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