Naira Currency hits new record low of 420 per Dollar on black market

The currency traded at 418 to the dollar on Tuesday and has been under constant pressure on the black market for months.

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Nigerian naira notes are seen in this picture illustration play Nigerian naira notes are seen in this picture illustration March 15, 2016. (REUTERS/Afolabi Sotunde/Illustration/File Photo)
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Nigeria's naira was quoted at an all-time low of 420 to the dollar on the unofficial market on Wednesday, the same day Africa's biggest economy officially slid into recession.

The currency traded at 418 to the dollar on Tuesday and has been under constant pressure on the black market for months.

The naira was quoted at 317.09 to the dollar on the interbank market by 1224 GMT, against a 305.5 close on Tuesday.

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