The naira hit a record low of 980 per dollar on the official market on Tuesday, less than a week after the central bank cleared importers of previously banned items to compete for scarce foreign currency.
The currency closed at 848.12.Â
The currency closed 778.80 on Monday on the central bank-based FMDQ trading portal. It weakened dramatically Tuesday due to persistent dollar shortages on the market, Reuters reported, quoting its Refinitiv data.
Rapid loss
The naira has faced a rapid loss of value since the Central Bank of Nigeria allowed the currency to float in June. The official exchange rate subsequently fell from about 464 to about 770 to a dollar, and stayed in that range while the black market surged above 1040.
Last week, the CBN lifted ban on 43 items that were previously restricted from accessing foreign currency, in a bid to crash black market demand.
The bank said it would boost forex supply as pressure over chronic shortage of the dollar pushes the naira to record lows.
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