The naira fell further to a new record low of 235 to the dollar at the parallel market on Thursday, as dollar shortages persisted, foreign exchange dealers said.

The President, Association of Bureau De Change Operators, Aminu Gwadabe, said people were holding dollars to protect themselves against further naira weakness.

The naira, however, ended at 196.95 on the official interbank market on Thursday.

The local currency had fallen to 233.5 earlier in the week.

The naira has been on the ropes on the parallel market since the Central Bank of Nigeria introduced new measures two weeks ago restricting importers from sourcing the greenback from the interbank market, shifting dollar demand to the black market.

The naira, which was selling at 218 before the new forex rule, had been dropping steadily against the dollar since then.

Analysts had predicted that the naira might fall to 250 against the dollar if the current demand pressure persisted.

The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, had on Wednesday said the central bank’s forex rules were yielding results as the external reserves had started to recover grafually.

NIGERIA IS BURNING, PEOPLES ARE DYING.
OUR POLITICIANS ARE LOOTING, HUNGER IS STRIVING.
BOKO HARAM IS BOMBING, MILITARY OFFICERS ARE CLUBBING.
PEOPLES ARE DYING, BUHARI IS ONLY CONDEMNING.
APC HAS PROMISE, BUHARI IS BREAKING.
COPERS ARE WAITING, OUR CHILDREN ARE HUNGRY.
NASS ARE FIGHTING, SARAKI IS STRUGGLING.
DOGARA IS POINTING APC IS REJECTING.
IGBOS ARE HATING, NIGERIANS ARE FOLLOWING.
YORUBA'S ARE WATCHING EVEN THE HAUSA'S AREN'T SMILING.
ZAHRA IS ROCKING, PRESIDENCY IS DENYING.
BUHARI IS SLEEPING, OSINBAJO IS VISITING.
NAIRALANDERS ARE COMMENTING, MODS ARE POSTING.
DEVIL IS PLANNING, GOD IS WATCHING .
I AM SAYING THE TRUTH PEOPLE'S ARE LIKING

atlwireles:
Reality is slowly setting in,waiting for the inflations numbers. The treasury market is now a dumping ground with short term bonds heading toward 20%

okeyglm:
still waiting naira to equal dollar.
ndi ara

sorextee:
i cant wait till it gets to 500naira a dollar..