In a concerning development for Nigeria’s economy, the national currency, the naira, has plummeted to a historic low against the dollar on the official market, as reported by FMDQ Exchange data on Wednesday.
According to FMDQ data, the naira reached a staggering low of 1,531 against the dollar during Tuesday’s trading session, contrasting with the 1,460 naira quoted on the parallel market.
On Wednesday, the naira experienced further depreciation in the forwards market, with traders quoting the dollar as low as 1,650 a year from now.
The recent plunge in the naira’s value comes in the wake of an announcement by market regulator FMDQ OTC Securities Exchange, which disclosed a revision in its methodology for calculating closing rates on the currency last Friday.
The post Nigerian Naira Hits Record Low of Over One Thousand Five Hundred to Dollar on Official Market first appeared on Royal Times of Nigeria..