The naira has hit successive record lows on the black market, where it trades freely, as excess demand on the official market gets funnelled to the unofficial market.
The naira crossed the 1,000 naira mark on the black market on Sept. 26, the day newly-appointed central bank governor Olayemi Cardoso appeared before the Nigerian senate for his confirmation hearing. The currency hit a record low of 1,300 naira per dollar on the black market, a month after it crossed the 1,000 naira mark, amid thin trading volumes on the parallel market and dollar shortages on the official market.
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