The naira hit a record low of N338 against the dollar on Friday.

This is as the Bankers Committee announced its decision to stop providing foreign exchange for school fees and medical bills payment.

The Bankers Committee had on Thursday announced the decision to include school fees and medical bills among the items that are not valid for forex.


Forex dealers said the continued shortage of forex in the economy and the Bankers Committee’s sudden decision to stop funding school fees and medical bills payment had combined to increase demand for the United States currency.

The local currency had closed at 335, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively.

The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window.

Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.

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