The currency hit a low of 460.20 naira by 11:04 GMT, down from its opening position of 454.98 naira, Refinitiv data showed.The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.
"The scarcity is still there yet clients are doing trades with guides from the regulator," the trader said. The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.
GodwinIEmefiele ZShamsuna. Nigeria's currency has consistently depreciated in the face of persistently high oil prices. Isn't this another evidence of gross mismanagement as majority poor citizens continue to suffer diminishing purchase power. God bless Nigeria🙏