Nigeria’s naira hit a record low of 1,100 per dollar on the black market on Wednesday, according to online platform AbokiFX. This was a day after the currency hit a new low on the official market due to persistent dollar shortages.
The naira has been in freefall on the unofficial market, where it trades freely, which worsened after currency restrictions were lifted on the official market.
The unit fell to a record low of 980 naira to the dollar on the official market on Tuesday.
The central bank has said it will occasionally intervene in the foreign exchange market to boost liquidity. Last week, it ended an eight-year ban on some items that were restricted from accessing dollars on the official market.
Last month, the currency slid past 1,000 naira per dollar on the black market. It continued to weaken as excess dollar demand was funnelled into the informal market from the official market.
