Posted 12/1/2023, 2:31:00 PM
Nigerian Naira Hits Record Low on Official Market, Nears Parallel Rate
- Nigeria's naira hit a record low of 1,160 per dollar on the official market, nearing the unofficial parallel market rate
- The naira recovered somewhat to around 800 per dollar after initially falling
- The official rate has been drifting towards the parallel market level as outstanding foreign currency amounts remain unpaid
- Last week, the central bank governor said he would allow market forces to determine exchange rates
- On the parallel market, the naira was selling around 1,165 per dollar on Friday