The Nigerian naira reached an unprecedented low of 999 per US dollar within the official market, according to data from Refinitiv. This decline aligns with the ongoing currency pressure stemming from dollar shortages, mirroring the situation in the parallel market.
The Nigerian naira has been experiencing a significant depreciation on the unofficial market, where it trades without constraints. This decline has been exacerbated since the removal of currency restrictions on the official market in June.
Tuesday witnessed a marked devaluation of the naira, with Refinitiv’s data indicating a decrease to 1,100 naira per US dollar in the parallel market, while the official market reported a relatively higher rate of 980 naira per dollar.
The central bank has committed to intermittent interventions in the foreign exchange market with the aim of enhancing liquidity.