Sanusi running around to impose Islamic Bank as Naira weakens against the dollar

"The naira has consistently weakened on strong demands for the foreign exchange, which only receives limited supply.

A week-long assessment showed that the naira closed on September 28, at N158.45 to the US dollar on the inter-bank market; but recorded an all-time low of N159.75 to the dollar at the close of activities on September 29.

As at October 6, the naira had fallen to a new record low of N164.85 to the US dollar.

Financial analysts have said that if the naira maintained the current rate of devaluation, it would exchange at between N180 and N200 to the US dollar by the end of 2011."