Nigeria's naira hits record low on black market ahead of central bank meeting

📆 7/20/2023 5:30 PM
📰 ReutersAfrica

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Nigeria's naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week.

The bank last month allowed the naira to weaken by more than a third in a bid to unify Nigeria's multiple exchange rates and to lure foreign investment to shore up liquidity in an economy struggling with dollar shortages.

The naira has been swinging widely on the official market since the devaluation. It touched a new low of 853 naira per dollar on Wednesday, according to OTC market regulator, FMDQ Exchange. Dollar shortages on the official market have seen customers turning to the black market, helping to widen the gap between the spot rate and the black market, one trader said.

Analysts have warned that a weaker currency and the fuel subsidy removal would likely to push inflation higher in the short term.

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Nigeria's naira hits record low on black market ahead of central bank meeting - SABC NewsNigeria’s naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week.
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