Naira Official Rate Sinks to Near 1000 on Scramble for Dollars – Bloomberg
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
Nigerians unable to purchase hard currency at the official rate due to shortages are forced to buy it from street dealers at a premium.
The naira slid to the brink of 1,000 per dollar in a fresh low in the official market thanks to a combination of central bank tolerance for a weakening currency and insatiable demand for the greenback.
The currency was pushed to its latest record a week after the central bank ended curbs on using dollars to buy dozens of imported items, while this time of year typically sees Nigerians making payments for tuition at foreign schools and universities, also adding to demand.
