Breaking: Naira collapses to N730/$ at parallel market

The Nigerian naira has collapsed to a new record low, trading at a minimum of N730/$1 on Thursday morning at the open market, a 0.69 percent drop from the previous day.

The fall in the exchange rate is following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points increase from the 14% stated at the previous MPC meeting.

The rate at N730/$1 is the highest on record, while traders told Nairametrics Research that they sell dollars for as high as N735/$1 and buy between N725/$1 and N730/$1.

Details shortly…