According to Business Day, Naira fell 5.8 percent Wednesday from its opening rate, and $10m was traded at the new record low.
Traders said investors were pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12 percent between the official and black market naira rates.
“If we have more people trying to buy the naira then it should strengthen. I think we will keep seeing the trickles...I don’t think we will see large inflows until the fundamentals of the economy improves,” one trader said.
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