Business
Naira crashes to 1,160 to dollar
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.
Central Bank of Nigeria governor, Yemi Cardoso
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.
