Tuesday, February 20, 2024

Nigeria's Naira Hits Record Lows, Stocks Sink

Nigeria's naira extended losses against the U.S.dollar on Monday to fall to a new record low of 1,712 in late trading on the official market, close to where the currency is quoted on the informal parallel market, LSEG data showed.

The currency was quoted at 1,710 naira on the unofficial market. It fell to a low of 1,650 naira per dollar during intraday trading on the official market.

Africa's largest economy has been experiencing a crippling dollar shortage that has pushed its currency to record lows, though central bank Governor Olayemi Cardoso has said that dollar liquidity is improving.