Saturday, 02 December 2023 05:05

Naira hits record low as official, parallel market rates converge

Rate this item
(0 votes)

Naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market.

The currency of Africa's biggest economy fell as low as N1,160 to the dollar, LSEG data showed, before recovering to around 800 naira.

The naira's official exchange rate has been drifting towards the parallel market level as the Central Bank of Nigeria is yet to clear outstanding foreign-currency amounts owed in forward deals.

Last week, CBN Governor Olayemi Cardoso said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.

The currency sold at around 1,165 naira on the parallel market on Friday.

 

Reuters

March 17, 2025

Solar panel imports surge amid Nigeria’s worsening electricity crisis

Nigeria imported N237.3 billion worth of solar panels in the last quarter of 2024, underscoring…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 17, 2025

7 so-called ‘status symbols’ that only impress the middle class

Isabella Chase Picture this – you’re in a room full of people, and someone walks…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 17, 2025

Here’s the latest as Israel-Hamas war enters Day 528

Yemen's al-Houthi leads defiant force under US attack Abdul Malik al-Houthi, the leader of Yemen's…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.