October 17, 2023

Nigeria’s naira hit a record low of 980 per dollar on the official market on Tuesday, Refinitiv data showed, mirroring weakness on the parallel market, as persistent dollar shortages plague the currency market.

The currency slid pass 1,000 naira per dollar on the parallel market last month and continued to weaken as excess dollar demand was funneled into the informal market from the official market, where restrictions on trading the currency were lifted in June.

The central bank of Nigeria has said it will intervene in the foreign exchange market occasionally to boost liquidity, after it last week ended an eight-year ban on some items that were restricted from accessing dollars on the official market.

REUTERS