Nigeria’s naira hit an all-time low on Wednesday, falling steadily in early trade after crossing 200 to the dollar a day after the country’s central bank said it would maintain a stable currency market.
The currency, under mounting pressure since Nigeria postponed presidential elections last weekend, opened at 200.60 and had dropped 1.3 percent to 203.10 by 0831 GMT.
The central bank, which has intervened repeatedly to try to prop the naira up, said on Tuesday investors were understandably nervous after the election postponement but it was committed to sustaining a “stable and orderly” market.