Nigeria’s naira NGN=D1 is on the brink of breaching 1,000 per dollar after falling to an official record low of 999 last week, Refinitiv data showed, tracing its weakness on the unofficial market where it trades freely.
President Bola Tinubu removed Nigeria’s foreign currency controls in June in a bid to get transactions flowing through the official market again to help unify the naira’s exchange rates.
But that has only fuelled the currency’s weakness and added to inflationary pressures.
Source: CNBC
