Naira Loses Its Shine at N1,490 Per US Dollar

In the hot midday trading session, the Nigerian local currency, the Naira, spirals downward as a decision to float backfires. The exchange rate hit near N1400 at Nigeria’s autonomous FX market on Monday due to tightened forex supply in the space.

At the current moment, Nigeria’s naira fell to a record low of 1,490 per dollar on the official market on Tuesday, LSEG data showed, after the currency suffered losses on the forwards market.

Four months ago, the apex bank floated the local currency by stopping weekly forex market intervention while demand skyrockets. Naira bears however continue to grow in the economy with projections pointing that the official exchange rate would cross N1,000

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