The naira, on Thursday, crashed to a record low against the US dollar, trading at N735/$ at the parallel market.
Checks with Bureau de Change operators in major cities across the country showed that demand was at all-time high, especially with the official commencement of political campaigns.
In Zone 4, Abuja, traders said the naira traded for N730/$ at the start of business on Thursday but had risen to N735/$ by afternoon of the same day.
The buying price was however said to be between N725/$ and N727/$.
The situation was the same in Lagos and Kano, where traders attributed the high exchange rate to increase in demand for dollars, amid supply shortage.
The naira has continued to receive a hit against the dollar, with the exchange rate gap between the official and parallel markets widening continuously.
The nation’s currency isn’t faring any better at the official market where it fell by 0.01 per cent to close at N436.37/$ on Wednesday, according to details on FMDQ OTC Securities Exchange.
