Nigeria’s Naira Falls to Record Low After Dollar Liquidity Plunges 72%
- Currency weakened the most in two weeks against dollar
- Dollar liquidity is at its lowest level in more than a month
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Nigeria’s local currency fell the most in about two weeks to a record low, after of a steep drop in dollar liquidity in the foreign exchange market.
The naira weakened 4.3%, the most since Oct. 15, to 1,670.65 to the dollar on Monday, according to data compiled by Bloomberg. The weakness followed a 72% plunge in dollar liquidity to $81 million - its lowest level in more than a month.