The naira resumed its fall at the parallel market, declining by 1.1 percent to a record low of N445 to the dollar  as foreign exchange scarcity persist.

The value of the naira had begun depreciating last week from the N425 which it had maintained, declining to N440 as at last week Friday.

Traders said that speculators and strong demand from parents buying dollars to pay school fees abroad are putting pressure on the Nigerian currency, though the president of the association of bureau de change operators, Aminu Gwadabe, said the rate is not a true reflection of the market.

At the interbank market however, the naira sold at N305 to the dollar, stronger than N307.79 which it sold last week.

The gap between the value of the naira at the interbank and parallel market continued to widen giving room to speculators to take advantage of the market. The difference between the two rates currently stands at N140.

“The market is being driven by speculators who are taking advantage of the poor implementation of Central Bank of Nigeria policy requiring banks to sell dollars to bureau de change operators to ease pressure in the market.”

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