Naira closes at N493/$ at parallel market as CBN adopts NAFEX rate

The naira closed at 493 naira to the dollar at the parallel market. This comes after the Central Bank of Nigeria said it is running a managed float regime and benchmarks all FX transactions against the NAFEX rate. Tunde Adama, Head of Trading at CITI Nigeria joins CNBC Africa for a focus on the local currency market.