The Nigerian legal tender has further lost value against the dollar.
The naira which hit an all time low about two weeks ago has continued to prove unresponsive to the Central Bank of Nigeria’s economic measures put in place to cushion the fall.
Following the continuous fall of the naira, the nation’s foreign reserves has hit an all time low of $25.8 billion, the lowest the nation has recorded since 2005.
Recall that Nigeria’s foreign reserves was about $50 billion in 2013.
The naira as at the close of business on Friday exchanged for 350 to a dollar for the first time.
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