29.2 C
Lagos
Thursday, May 23, 2024

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Naira Street Value Sinks to Record Low

Nigeria’s currency fell to a record low in the parallel market on Tuesday due to persistent dollar shortages and increased demand for the greenback.

The unit declined 1.5% to 1,305 naira per dollar, compared with a day earlier, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd., which compiles data on the informal market in Lagos. That led the gap over the official rate, which closed at 838 naira on Monday, to widen to 36%, according to FMDQ, which tracks exchange rates for the West African nation.

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