Market News
UPDATE 1-Nigeria naira hits record intra-day low of 429.75 per dollar - REUTERS
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ABUJA, Feb 24 (Reuters) - The Nigerian naira traded at a record intra-day low of 429.75 to the dollar on the over-the-counter spot market, exchange data showed on Wednesday, as banks bid for foreign exchange to meet demand.
The currency has been losing ground on the spot market, quoted by foreign investors and importers, mirroring weaknesses on the black market, where the naira trades more freely.
The naira opened for trade at 409.50 on Wednesday, exchange data showed, near its weakest on record of 410.50 per dollar reached two weeks ago.
Traders said foreign exchange liquidity is yet to improve despite the currency weakness and that the central bank has not sold dollars to foreign investors seeking to repatriate funds this year.
The naira has been quoted at 480 naira to the dollar on the black market since last month, against the official rate of 381 naira set in July and backed by the central bank.
(Reporting by Chijioke Ohuocha; Editing by Gareth Jones and Emelia Sithole-Matarise)
