ABUJA (Reuters) – Nigeria’s naira hit a record low of 617 against the dollar on the black market, where it is freely traded, traders said on Thursday.
“In the near term, we expect further depreciation given increased dollar demand in a tight FX market,” Ikenga Kalu of African currency broker AZA wrote in a note.
The naira has fallen to successive record lows on the parallel market due to dollar scarcity since last year following the central bank’s interventions to ease pressure on the currency on the official market, where it has been trading within a range.
The naira fell across the curve on the non-deliverable currency forwards, Refinitiv Eikon data showed on Thursday.
The naira’s exchange rate was quoted at a more than two-year low of 504 naira to the dollar in 12 months’ time.
(Reporting by Chijioke Ohuocha; Editing by Toby Chopra)
