Economics
Naira Hits 4-Year Low as Nigeria Central Bank Adjusts Rate
- Currency trades at 500 naira per dollar in parallel market
- Central bank has devalued the naira three times this year
The Nigerian central bank in Abuja.
Photographer: KC Nwakalor/BloombergThis article is for subscribers only.
Nigeria’s central bank weakened the naira for the third time this year as the regulator struggles to stem demand for dollars amid lower than anticipated foreign-currency inflows.
The Abuja-based central bank adjusted the rate licensed bureau de change operators can sell the local currency to 392 naira per dollar from 386 naira previously, it said in a circular to dealers on Monday. Traders will purchase the U.S. currency at 390 naira from 384 naira, and international money transfers will be exchanged at the banks at 388 naira per dollar from 382 naira.