Naira plumets further against The Dollar...

The Naira hit a record low of 282 to the US Dollar on the unofficial market on Monday after the Nigerian Central Bank (NCB) announced that it would stop sales to non-bank foreign exchange operators, especially bureaux de change operators. Governor of the NCB Godwin Emefiele said foreign reserves stood at around $28 billion compared with $37 billion in June 2014, and that the bureaux de change operators were depleting them at a rate of $28.4 million per week. “This is a huge hemorrhage on our scarce foreign exchange reserves, and cannot continue,” Emefiele told a news conference in the capital Abuja. Edited from 247nigeriannewsupdate