Nigeria: Naira at new record low

Nigeria’s naira hit yet another record low against the dollar yesterday, trading outside the target band set by the central bank last week after the bank auctioned dollars at the currency’s newly devalued rate. The currency traded at 187.55 naira on the interbank market, or 6.2 percent below the lower end of the new band, shortly after the market opened, as dealers scrambled to fill orders not met at a central bank’s twice-weekly auction on Monday. It sold about $169 million at 168 naira at the auction. – Reuters