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Nigeria's naira weakens to record low on official market - REUTERS

JUNE 07, 2023

Nigeria has been adjusting the value of the naira gradually on the spot market to avoid a large-scale devaluation


Nigeria's naira was quoted at a record low of 475 per dollar on the official market on Wednesday, from 465 naira at the previous close, Refinitiv data showed.

Nigeria has been adjusting the value of the naira gradually on the spot market to avoid a large-scale devaluation.

On Friday, primary auction results showed the central bank had sold the dollar at 645 naira, reflecting a weaker naira than on the official secondary market, fuelling speculation that a devaluation was imminent.

(Reporting by Chijioke Ohuocha Editing by Alexander Winning)

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