Saturday, 02 December 2023 05:05

Naira hits record low as official, parallel market rates converge

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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

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