Posted 10/26/2023, 12:22:55 PM
Nigerian Naira Plummets to Record Low as Dollar Shortages Persist
- Nigerian naira hits record low of 1,300 per dollar on the black market
- Driven by thin trading volumes on parallel market and dollar shortages on official market
- Naira has been falling freely on unofficial market since restrictions lifted on official market
- Central bank governor said naira will adjust once market rules clarified
- Finance minister said expecting $10 billion in foreign currency inflows to improve liquidity