2023-12-01 14:31:05
The Nigerian naira fell to a record low against the dollar on Friday in the official market, close to the rate at which it trades in the unofficial parallel market.
The currency of Africa’s largest economy fell to 1,160 naira to the dollar, according to LSEG data, before recovering to around 800 naira.
The official naira exchange rate has moved closer to the parallel market level as the central bank has yet to settle foreign currency amounts owed through forward transactions.
Last week, central bank governor Olayemi Cardoso said he would let market forces determine exchange rates while establishing clear, transparent and harmonized rules governing market operations.
The currency sold for about 1,165 naira in the parallel market on Friday.
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