Naira sinks to all-time low of 365.25 to a dollar ($1)

Lagos - The naira on Thursday weakened further against the United States dollar on the official market.

The currency traded at an all-time low of 365.25 to the dollar in a single interbank market trade of $1 million, reports Punch.

The naira has slumped by 38 percent since the Central Bank of Nigeria ended a 16-month peg of 197-199 per dollar on June 20.

Also read: CBN rejects Naira devaluation

The naira on Thursday also traded at 394 per dollar at the parallel market, around 11 percent weaker than the official rate.

The fall according to traders was caused by the tight dollar supply.