Naira hits record low

The naira hit a record low against the dollar on Monday as the Central Bank of Nigeria’s Monetary Policy Committee commenced its two-day meeting in Abuja.

Analysts said the MPC might consider devaluing the currency the second time following the eight per cent readjustment done on November 25, Reuters reported.

The naira, which has been hammered by the collapse in oil prices, fell 3.6 per cent to a record low of 191.85 before recovering some ground after the central bank, two banks and an energy firm sold dollars, according to dealers.

However, it still booked its weakest close on record at N187.10 to the dollar, suggesting commercial banks think the central bank may opt for a repeat on Tuesday of its November devaluation.

[Punch]

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