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Nigeria’s naira extends losses on official market

A person holds a new 1000 Naira note as the Central Bank of Nigeria releases the notes to the public through the banks in Abuja, Nigeria, December 15, 2022. REUTERS/Afolabi Sotunde

Nigeria’s naira extended losses on the official market on Wednesday to a record low of 461 to the dollar, as trading resumed after the Christmas holiday and the currency weakened to cope with high foreign exchange demand.

The currency hit a low of 460.20 naira by 11:04 GMT, down from its opening position of 454.98 naira, Refinitiv data showed.

“It’s a shift from previous levels. Supply is limited,” a currency trader at a local bank said.

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The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.

“The scarcity is still there yet clients are doing trades with guides from the regulator,” the trader said.

The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.

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