Naira falls to all-time low Of 472/dollar

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime.The naira stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the dollar on Monday.

The naira closed at 312.99 against the dollar at the interbank market on Wednesday.

Traders and analysts says dollar scarcity remained a major challenge in the market amidst demand on the dollar by parents paying schools fees of their children studying overseas as well as travellers.