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    Naira crashes to 1,160 to dollar

    David GreatBy David GreatDecember 1, 20231 Comment1 Min Read
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    Naira to dollar exchange
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    The Nigerian currency, the 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.

    LSEG data showed that the currency of Africa’s biggest economy fell as low as 1,160 naira to the dollar, before recovering to around N800.

    The official exchange rate has been drifting towards the parallel market level as the central bank is yet to clear outstanding foreign currency amounts owed in forward deals.

    House of Reps summon Cardoso over forex ban lifted on 43 items
    Central Bank of Nigeria governor, Yemi Cardoso
    • Supreme Court says old, new currency remain legal tender

    Last week, Central Bank 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 was sold at around 1,165 on the parallel market on Friday as Nigeria continues to struggle to provide forex for businesses.

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    Police nab church member over kidnap of two Catholic Priests in Adamawa

    Police bust human trafficking syndicate, rescue 40 Ghanaians in Ondo 

    July 5, 2025
    Adeleke denies defection rumours

    Adeleke not defecting to APC, Osun PDP declares

    July 5, 2025
    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    Tiwa Savage marks 12 years of debut album ‘Once Upon a Time’

    July 5, 2025
    Nine-man PSG stun Bayern to reach Club World Cup semis

    Nine-man PSG stun Bayern to reach Club World Cup semis

    July 5, 2025
    NLC threatens to shut down Abuja after July 3 over unpaid wages

    NLC vows protest if NASS attempts to decentralise minimum wage

    July 5, 2025
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