The dollar hit 735 naira in the parallel market on Wednesday as political campaign activities began in the country.

According to Bureau De Change operators in Lagos and Abuja, dollar price had increased from 718 naira and 720 naira to 728 naira and 735 naira in the last one week.

Speaking on major factors responsible for the rate hikes in dollar to naira, the Vice President Lagos Chamber of Commerce and Industry, GABRIEL IDAHOSA, said that the immediate cause of dollar rate increment was the new Monetary Policy Rate of the Central Bank of Nigeria.