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Naira Dives


FILE - A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria. Taken February 12, 2015.

Nigeria's naira hit a record low of 460.20 to the dollar on the official market on Wednesday, down from its opening position of 454.98 naira, as trading resumed after the Christmas holiday, Refinitiv data showed.

The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.

The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.

At 12:00UTC on December 28, the naira had dropped to 0.0022 to the U.S. dollar.

Meanwhile, Nigeria has imposed daily cash withdrawal limit of 500,000 naira to try to hamper rampant exchanges into other currencies. The initial limit of 100,000 naira per day was hit with public outcry.

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