The continuous fall of the Nigerian currency- naira- reached a record low of 345 against the dollar at the parallel market on Monday.

Following the Bankers’ Committee’s announcement last week Thursday, of plans to stop providing foreign exchange for school fees and medical bills payment- the naira crashed to a new low of 338 against the dollar, on Friday.

In the past few weeks, the naira has recorded a steady fall at the parallel market owing to a combination of economic factors.

According to experts and financial analysts, the rising demand for forex by importers who have debt obligations overseas, is partly responsible for the declining fortunes of the Nigerian currency as well as the scarcity of forex.

While the Central Bank of Nigeria has adamantly left the official exchange rate unchanged at N197 to the dollar on its official interbank window, the demand for dollar increases, over fears that the naira might depreciate further.

Meanwhile, the acting President, Association of Bureau De Change Operators, Aminu Gwadabe, also lamented the fact that some people are hoarding forex because they feel the naira may crash as low as 400 against the dollar.

“We have legitimate demand from importers. However, people are also hoarding forex because they feel it may go beyond 400. Except there is a deliberate act to curb the activities of speculators, things may get worse.”

“The current naira-dollar exchange rate is artificial; it is as a result of the negative perception about the naira, and the fear the naira may be devalued.”