Naira Drops To 226.5 Against The Dollar

The naira fell to 226.5 on Monday against the United States dollar at the parallel market.

The development mean the local currency has lost about 2.8 per cent of its value against the dollar since Wednesday when the Central Bank of Nigeria introduced a new rule to the foreign exchange market.

The naira was sold for 220 to the greenback before the new forex rule was announced last week.

The CBN, as part of measures to conserve the dwindling reserves, barred importers of 41 items including rice, textiles, poultry products and private aircraft from buying hard currencies at the interbank forex market.