Naira quoted at record low of 198.95 to dollar

The naira hit a new record low on Tuesday on thin dollar liquidity, amid concerns over political stability after a six-week delay to Nigeria’s presidential election.

The naira was quoted at a record low of 197.3 to dollar by market open and quickly fell to 198.95 by 0822 GMT, Thomson Reuters data showed.

Nigeria’s electoral commission said late of Saturday it would postpone the Feb. 14 presidential election until March 28 due to security concerns.