Naira In Race To 300/$, Falls To 280 Naira Per Dollar On Thursday

The naira continued its free fall on Thursday, crashing to 280 against the United States dollar at the parallel market. The greenback sold for N269 on Wednesday.

The naira, which had been trading around 241 and 243 against the USD for a long time, began a steady decline about three weeks ago when the Central Bank of Nigeria stopped the sale of foreign exchange to over 1,600 Bureaux De Change operators due to improper documentation.