Naira crashes to record low

Naira bundles

Naira bundles

Naira bundles: official dollar rate hits N198, despite CBN intervention
Naira bundles: official dollar rate hits N198, despite CBN intervention

The Nigerian currency, the naira hit a new record low on Tuesday on thin dollar liquidity, amid concerns over political stability after a six-week delay to Nigeria’s presidential election.

The naira was quoted at a record low of 197.3 to dollar by market open and quickly fell to 198.95 by 0822 GMT.

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Nigeria’s electoral commission said late on Saturday it would postpone the Feb. 14 presidential election until March 28 due to security concerns.

*Reuters