© Reuters. FILE PHOTO: A man counts Nigerian naira notes in a market place in Yola, Nigeria, February 22, 2023. REUTERS/Esa Alexander/File Photo
ABUJA (Reuters) -Nigeria’s naira hit a record low of 980 per dollar on the official market on Tuesday, Refinitiv data showed, mirroring weakness on the parallel market, as persistent dollar shortages plague the currency market.
The currency slid pass 1,000 naira per dollar on the parallel market last month and continued to weaken as excess dollar demand was funnelled into the informal market from the official market, where restrictions on trading the currency were lifted in June.
The central bank has said it will intervene in the foreign exchange market occasionally to boost liquidity, after it last week ended an eight-year ban on some items that were restricted from accessing dollars on the official market.