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Nigeria naira drops to record low on black market -traders - REUTERS
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ABUJA, Aug 9 (Reuters) - Nigeria's naira fell to a record low of 910 per dollar on the black market on Wednesday, driven by seasonal demand from individuals paying for expenses abroad, traders said.
The naira has been weakening on the black market, as excess demand is funnelled to the informal market, widening the gap with the official market, where restrictions on trading the currency were recently lifted.
The unit NGN=D1 was quoted at 771 naira on the official market at 1234 GMT, swinging between a range of 700 naira and 804 naira this month.
Olawale Edun, who is likely to be Nigeria's next finance minister, has said a weaker black market rate was not backed up by economic fundamentals and that a more appropriate naira exchange rate would be around 700 to the dollar.
(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon)
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