(NGN USD) Nigeria Naira Street Value Sinks to Record Low on Dollar Shortages – 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
Nigeria’s currency fell to a record low in the parallel market on Tuesday due to persistent dollar shortages and increased demand for the greenback.
The unit declined 1.5% to 1,305 naira per dollar, compared with a day earlier, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles data on the informal market in Lagos. That led the gap over the official rate, which closed at 838 naira on Monday, to widen to 36%, according to FMDQ, which tracks exchange rates for the West African nation.
