ABUJA: Nigeria’s naira fell to a record low against the U.S. dollar on the official market on Thursday, converging with the rate at which it trades on the unofficial parallel market as foreign-currency shortages persist.
The currency of Africa’s biggest economy fell as low as 1,398 naira to the dollar, LSEG data showed, close the 1,400 per dollar level it was quoted at in street trading.
The naira later recovered slightly to 1,299 naira per dollar on the official market.
The naira’s official exchange rate has been drifting towards the parallel market level as the central bank struggles to clear outstanding forex obligations owed in forward deals.
Central bank Governor Olayemi Cardoso said on Wednesday that the bank would work to support the naira, which he said was undervalued, and was trying to improve liquidity in the foreign exchange market.
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