Nigeria’s naira crashes to record low on the official market. – Refinitiv data

Africa

Nigeria’s naira crashes to record low on the official market. – Refinitiv data

December 29, 2022December 29, 2022

Following the Christmas holiday, trading resumed on the official market on Wednesday, and the naira of Nigeria touched a record low of 460.20 to the dollar, down from its starting value of 454.98 naira.

Since last year, when the central bank intervened to relieve pressure on the spot market, where the naira had been trading within a range, the currency has plunged to successive lows on both the official and illicit markets due to a lack of dollars.

On the official market, the naira last week hit a two-month low and declined on the futures market in both directions.

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