FX RATES
FX RATES

Naira Weakens to Four-Year Low as Nigeria’s Dollar Push Fails

Nigeria’s currency weakened to a four-year low in the parallel market after the central bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates.

Unauthorized dealers were offering the naira at 502 per dollar on Wednesday from 500 last week according to abokifx.com, a website that collates the data. That’s the weakest since February 2017. The rate widens the spread between the official and the parallel market rate to 22%, when compared with the spot rate of 411.13 naira a dollar as of 1.55 p.m. in Lagos on Wednesday.

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