Naira Official Rate Falls 26% as Dollar Supply Drops Two-Thirds
- Nigerian naira rate is lowest closing price on record
- Acute dollar shortage is exerting downward pressure on unit
A currency dealer in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
The naira weakened 26% against the dollar on the official market, touching its lowest closing price on record amid an acute local shortage of the greenback in Africa’s most-populous nation.
The naira closed at 993.82 to the dollar on Monday, compared with 789.94 in the previous trading day, according to FMDQ Group, a Lagos-based exchange operator that tracks the data.