The Nigerian naira experienced a significant drop to a record low against the dollar in the official market, aligning closely with the levels seen in the unofficial parallel market where it trades more freely.

On Tuesday, the naira fell to as low as 1,248 to the dollar during mid-day trading, according to LSEG data, after opening at 927 naira. It later made a partial recovery, stabilizing at around 845 naira.InformationGuideNigeria

This fluctuation in the naira’s value reflects the ongoing challenges in Nigeria’s foreign exchange market.

Governor Olayemi Cardoso of the Central Bank of Nigeria has stated his intention to allow market forces to play a more significant role in determining exchange rates.JAMB Result

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He emphasized the need for clear, transparent, and harmonized rules to govern market operations.

However, persistent dollar shortages in the official market have led to the official exchange rate of the naira drifting towards the levels observed in the parallel market.NYSC Portal

On Tuesday, the naira was trading at around 1,225 naira on the parallel market. In the one-month non-deliverable forwards market, the currency was quoted at 1,002.50 naira, indicating market expectations of continued pressure on the naira in the near term.

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