Tuesday, July 23, 2024
Business

Naira Crashes to Record Low on Street as Dollar Supply Dries Up – Bloomberg

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The Nigerian naira plunged to a record low on the parallel market as shrinking dollar supply from the central bank forced buyers to the street for hard currency.
The naira was changing hands at 970 per dollar on Wednesday, from 962 the previous day and 903 naira at the start of this month, according to Umar Salisu, a foreign-exchange operator who compiles the data in Lagos. That’s 20% weaker than the official rate of 776.60 naira per dollar as reported by FMDQ, a Lagos-based platform.

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