Naira's Black-Market Rate Down to Lowest in More Than a Year
A currency dealer counts bundles of naira banknotes in Lagos, Nigeria.
Photographer: Tom Saater/BloombergThis article is for subscribers only.
Nigeria’s naira is coming under pressure again.
It depreciated to 370 per dollar, the weakest level since August 2017, on the black market on Thursday, according to abokiFX.com, which collates rates from street-traders in Lagos, the nation’s commercial hub. On the interbank market, the currency fell 0.7 percent to 365.73, its weakest since August 2017.