Nigeria's naira hits record low of 412 to dollar on parallel market

Nigeria's naira was quoted at an all-time low of 412 per dollar on the parallel market on Friday as a dollar shortage persists, traders said.

Traders said some bureaux de change operators have been finding it difficult to access their forex account and get dollar supply after the central bank suspended nine commercial lenders from the market, putting further pressure on the local currency.
On Thursday the naira closed at 409 per dollar on the parallel market. On the interbank market it traded at 315 compared with 305 the previous day.
Traders said more of the demand are coming from parent wanting to pay school fees of their wards abroad and businesses sourcing for good in preparations for forthcoming Christmas festival.
According to market sources, 80 percent of bureau de change operators source dollar from some of the banks suspended from the interbank forex market by the central bank on Tuesday.