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Nigeria’s Currency Falls to Record Low as Traders Track Central Bank’s Latest Dollar Sale

  • Central bank offering 450-465 naira per dollar, StanChart says
  • Naira trading at 615 a dollar in black market, a new low

Nigeria’s currency fell to the lowest on record after traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amid a lack of dollar supply in the authorized foreign-exchange market.

The naira retreated 1.6% to 426.26 a dollar as of 3.30 p.m. local time on the investors and exporters window, also known as Nafex, in Lagos. The Nafex is regarded as the official market for foreign currency transactions in Africa’s biggest economy.