Naira Hits New Low on Black Market as Dollar Scarcity Worsens
- Exchange rate projected to reach 400 per dollar by Friday
- Panic buying weakening currency amid dollar scarcity
This article is for subscribers only.
Nigeria’s naira extended its fall to a record low on the black market as demand for the U.S. currency increased amid a plunge in crude oil prices and foreign exchange restrictions by the Central Bank of Nigeria.
The local unit fell to 390 per dollar in Lagos, the commercial capital, from 375 on Wednesday, Aminu Gwadabe, president of Lagos-based Association of Bureau de Change Operators of Nigeria, said by phone. The naira may fall to 400 per dollar by Friday, he said.