By InvestAdvocate

Lagos (INVESTADVOCATE)- The naira on Wednesday hit a new historic low as it tumbled to 460 against the United States dollar at the parallel market, down from the 450 recorded on Tuesday, 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 increase demand of the greenback.

Cordros reported the new historic low is a tumble of 1.77 percent; while the euro continued its decline to 0.88 percent to trade at N490.00 from N488.00 the previous day. However, the pounds sterling stabilised at N570.00.

In the interbank market, the naira appreciated against two of the three currencies tracked. The domestic currency gained against the pound sterling and euro by 0.22 percent and 0.09 percent and appreciated to N408.83 and N352.82 respectively. The naira compared to the dollar traded flat at N312.99.