Naira Official Rate Sinks to Near 1,000 on Scramble for Dollars
- Naira hits new lows in Nigeria’s official and parallel markets
- Foreign school fees boost dollar demand, brokerage says
Nigerians unable to purchase hard currency at the official rate due to shortages are forced to buy it from street dealers at a premium.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
The naira slid to the brink of 1,000 per dollar in a fresh low in the official market thanks to a combination of central bank tolerance for a weakening currency and insatiable demand for the greenback.
The currency was pushed to its latest record a week after the central bank ended curbs on using dollars to buy dozens of imported items, while this time of year typically sees Nigerians making payments for tuition at foreign schools and universities, also adding to demand.