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Nigeria: Naira Hits Record Low At Official Market

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The Naira hit a record low at the official market on Tuesday to exchange at N848.12 per $1

The Naira plummeted to its lowest rate against the United States dollar at the official market on Tuesday, market data published on the

According to the data, the naira opened at N758.50 but slipped to N848.12 at the close of business on Tuesday as foreign exchange supply within the market segment skyrocketed significantly. Within the business period on Tuesday, the naira reached an intraday high of N700.00 and spiralled to a low of N981.00 before settling at N848.12 per $1.

At the parallel market segment, the naira was sold at N1,060 per $1 amidst a shortfall in dollar circulation and increased demand.

 

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Nigeria's naira hits record low of 980 per dollar on official market -Refinitiv dataNigeria'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.
Source: ReutersAfrica - 🏆 31. / 53 Read more »