Nigerian Naira Falls in Parallel Market Before Inauguration
- Parallel market rate weakens to 775 naira per dollar from 762
- Residents opt to hold US dollars to hedge against depreciation
A person counts bundles of naira banknotes in Lagos, Nigeria.
Photographer: Tom Saater/BloombergThis article is for subscribers only.
Nigeria’s currency weakened in the parallel market to the lowest level in a year on expectations of a possible change in exchange-rate management after Bola Tinubu takes office as president on Monday.
The naira dropped to 775 per dollar on Friday from 762 the previous day in the unauthorized market in Lagos, said Umar Salisu, an exchange-bureau operator who tracks the data in the nation’s commercial capital. The unit has weakened steadily in the parallel market since last week after stabilizing for most of this year.