The Nigerian naira weakened to N1,550 against the American dollar in the black market amid increased demand for the greenback in West Africa’s largest economy.
The naira opened the week at N1,500 per dollar in the unofficial market and had stayed within that rate for more than two weeks before its recent low, despite the Central Bank of Nigeria’s (CBN) ongoing reforms in the Nigerian FX market.
However, according to CBN data, the Nigerian naira closed at N1,512 per dollar on the official market on Thursday.