Nigeria's Naira Hits New Low and Narrows Gap With Street Rate – Bloomberg
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The local currency unit declined 14% on the official market to close at 996.75 naira to the dollar, the lowest it has traded on record.
The Nigerian naira declined to a record low for the second time in about two weeks as the currency continues its wide swings in a bid to find a market level.
The local currency unit declined 14% on the official market to close at 996.75 naira to the dollar, the lowest it has traded on record, according to data compiled by Bloomberg. It was the steepest single-day loss since Oct. 30, when it weakened 25% to 993.82 naira per dollar before rallying 18% the next day.
