ABUJA (Reuters) – Nigeria’s naira NGNP hit a record low of 596 naira per dollar on the black market on Thursday, as increased political spending ahead of month-end election primaries hit the currency, traders said.
Political parties in Nigeria are due to pick presidential candidates by June 3, according to the electoral commission, while official campaigning will begin in September ahead of elections early next year.
The currency has been weakening sharply on the unofficial market since 2020. However, it has been stable on the official market, trading within a range of 413 to 417 naira due to dollar shortages.
President Muhammadu Buhari will step down after serving two four-year terms following the February 2023 ballot. The ruling All Progressives Congress (APC) has set its primaries to decide on its presidential candidate for May 30 and 31.
(Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon)
