Nigerian Naira hits 1,100 to dollar at official market

The naira has continued to face devaluation as it sustained its downward trend against the United States dollar.

Naira weakened to an all-time low on the parallel market where it sold at N1,100 per dollar.

This was far lower than the N1,060/$1 it traded last week.

This depreciation comes just a day after the official market also recorded a new low due to ongoing dollar shortages, with the naira dropping to 980 naira per dollar.

The freefall of the naira in the unofficial market has been exacerbated by the removal of currency restrictions on the official market. These restrictions had previously propped up the naira’s value. 

The central bank has announced plans to intermittently intervene in the foreign exchange market to bolster liquidity, following the lifting of an eight-year ban on certain items accessing dollars on the official market.