Nigeria’s naira hits record low on official market

ABUJA: Nigeria’s naira hit a record low of 460.20 to the dollar on the official market on Wednesday, down from its opening position of 454.98 naira, as trading resumed after the Christmas holiday, Refinitiv data showed.

The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.

The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.