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Home Economy

Naira falls to 375.5 to the dollar on official market

metro by metro
November 8, 2016
in Economy
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Naira weakened to a record low of 375.50 to the dollar on Tuesday on the official interbank market, according to Thomson Reuters data.

The currency had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on the official window.

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It then stabilised at around 305.5 to the dollar due to daily interventions by the central bank, traders said.

There was no immediate explanation for the currency move.

 

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