Nigeria Naira Plunges to Record Low, Falling for 9th Straight Year
- Currency fluctuated widely around official rate this year
- Central bank sells dollars to foreign investors at weaker rate
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Nigeria’s currency plunged to a record in the spot market on Friday, narrowing the gap with the rate that investors and exporters pay for the naira.
The currency, which is managed by the central bank, fell 2.2% to a record 424.27 versus the dollar as of 2.46 p.m. on Friday. It was the biggest drop in the official exchange rate since Feb. 23. The currency has weakened every year since 2012.