Kluemedia, February 19
On Monday, the Nigerian naira plunged to record lows on both the official and unofficial markets, while stocks fell the most in a single day in more than a year, as nervous investors sold out domestic assets.
The currency fell to 1,712 naira per dollar in late dealings on the official market and to approximately the same level on the unofficial market, extending losses.
Africa’s largest economy has been hit by debilitating dollar shortages, pushing its currency to historic lows, yet central bank Governor Olayemi Cardoso has stated that foreign exchange liquidity is improving.
The current drop in the currency and stock markets comes as statistics indicated on Thursday that the country’s inflation rate increased further in January, reaching nearly 30% in annual terms, owing to rising food expenses.