Nigeria's naira falls to a record 980 on black market

📆 20/09/2023 03:24 p. m.
📰 ReutersAfrica

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Nigeria's naira fell to a record low on the black market on Wednesday, driven mostly by speculative demand as individuals turn to the dollar as a store of value, traders said.

The unit was quoted at 980 naira to the U.S. dollar on abokiFx, a firm that publishes online black market exchange rates for the currency, compared with 965 on Tuesday.

"The current free fall of the naira is mostly driven from speculation as the black market premium has reached 23.3%," one trader said.

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