Nigerian Naira Drops to Record as Black-Market Dollar Rate Soars
Naira weakens to 917 per dollar on the street on Wednesday
Official and black-market exchange rates part ways once more
The Nigerian naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows.
The currency of Africa’s biggest crude oil producer weakened to 917 naira per dollar, compared with 900 naira the day before, according to Umar Salisu, a bureau de change operator who tracks currency data in the nation’s commercial capital. Banks are unable to come up with the dollars to meet demand, and buyers are increasingly turning to the black market, widening the gap between the official exchange.