The naira has been in freefall on the unofficial market, where it trades freely, which worsened after currency restrictions were lifted on the official market.in the foreign exchange market occasionally to boost liquidity, after last week ending an eight-year ban on some items that were restricted from accessing dollars on the official market.
Last month, the currency slid past 1,000 naira per dollar on the black market and continued to weaken as excess dollar demand is funnelled into the informal market from the official market.The South African rand fell on Wednesday after September headline consumer inflation rose sharply in Africa's most industrialised economy.The U.S. Federal Reserve will keep its key interest rate on hold on Nov.
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