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Bloomberg
Nigeria’s currency is poised for its eighth straight day of losses and on track for its longest losing streak since 2020, less than two months before a presidential election.
The naira traded at 453.16 to the dollar in the spot market. The currency has dropped 6.3% this year in the official market, where the rate is tightly controlled by the nation’s central bank.
Nigeria has multiple exchange rates for different official transactions, and an unofficial exchange rate at which those who can’t access dollars from the Central Bank of Nigeria get their greenbacks.
In that unauthorised parallel market, where the dollar is freely traded, the naira exchanged at 737.92 to the dollar according to @naira.rates. That brings the differential between the official and parallel rate to 63%.
Management of Nigeria’s foreign exchange policy has come under focus as Africa’s largest economy prepares to hold elections in February.