Naira officially slumps to dollar...

The naira fell to a new record low on Wednesday at the official market, following the central bank’s decision to hike interest rates to 14 percent on Tuesday. 

The naira fell to an all-time low of 334.50 to the dollar, from about 313/$1 earlier in the day.

Investors expect that the local currency will fall as low as 350, before it starts to appreciate against other foreign currencies.

According to Reuters, investors were pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12 percent between the official and black market naira rates.