The Nigerian naira plunged to a document low on the parallel market because the central financial institution’s dwindling provide of {dollars} compelled patrons to scramble for laborious foreign money.
The naira was buying and selling at 970 to the greenback on Wednesday, up from 962 the day earlier than and 903 naira earlier this month, based on Umar Salisu, a overseas alternate dealer who compiles the information in Lagos. That is 20% decrease than the official charge of 776.60 naira to the greenback, as reported by FMDQ, a Lagos-based platform.
