ABUJA (Reuters) – The Nigerian naira on Thursday hit a record low of 455.50 to the dollar on the official market, a day after the central bank planned to tighten money market conditions to support the currency and curb inflation.
The naira has traded within a band on the official market.
But chronic dollar scarcity has caused the local currency to weaken sharply. It has hit a series of record lows on the unofficial market where it is freely traded.
The unit recovered some ground to trade at 447 by 0958 GMT.
On Wednesday, the central bank said it will mop up excess naira within the next 100-days, in its latest attempt to tighten money markets to curb inflation and boost the currency.
(Reporting by Chijioke Ohuocha; Editing by James Macharia Chege)
