By InvestAdvocate

Lagos (INVESTADVOCATE)- The naira on Tuesday hit a new historic low as it tumbled to 450 against the United States dollar at the parallel market on Tuesday, down from the 445 recorded on Monday, analysts at Cordros Capital said.

The depreciation of the nation’s local currency continued in the parallel segment of the foreign Exchange (FX) market, on the back of persistent shortage of the greenback.

Cordros reported the new historic low is a tumble of 1.12 percent; while the pounds sterling and euro plunged 0.88 percent and 1.67 percent apiece to close at N570.00 and N488.00 respectively.

In the interbank market, the naira depreciated against two of the three currencies tracked. The domestic currency tumbled against the greenback and pounds sterling by 1.49 percent and 0.15 percent each and fell to N312.98 and N408.66. However, the naira appreciated marginally against the euro to close at N352.57.