Nigeria’s naira hits N1,531 per dollar after last week’s devaluation

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ABUJA, Feb 9 – Nigeria’s naira dropped to a record low of 1,540 against the dollar on the official market, LSEG data showed on Friday, after the currency was devalued last week, its second adjustment in less than a year.

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The official market rate has been slipping below rates on the unofficial parallel market in intra-day trades since the devaluation. The naira was quoted at 1,449.27 naira on the parallel market on Friday.

The official naira exchange rate last week plunged to as low as 1,531 per dollar from 900, well below black market levels, after the market regulator changed its closing rate calculation methodology, in a de facto devaluation.

Editorial Staff
Editorial Staffhttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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