Nigerian currency now N187.55 to US Dollar

The Naira initially showed a 0.3 percent decline from the previous amount but it dipped even further as the demand for the Dollar increased.

• Published: 03.12.2014

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The Nigerian Naira has fallen to a record low against the US Dollar as it opened at 184.60 to the Dollar on Monday, December 1

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The Nigerian Naira has fallen to a record low against the US Dollar as it opened at 184.60 to the Dollar on Monday, December 1 but quickly fell to 187.55.

The Naira initially showed a 0.3 percent decline from the previous amount but it dipped even further as the demand for the Dollar increased.

The new findings were collated by the Thomson Reuters Corporation, a mass media and information firm located in the US.

The Central Bank of Nigeria (CBN) had earlier announced a devaluation of the Naira from N155 to N168 to the US dollar citing falling oil prices as one of the reasons for the move.