Naira hits record low of N848/$ on official market

Nigeria’s naira closed trading at a record low of N848 per dollar on the official market on Tuesday, according to data from FMDQ, as dollar shortages persist.

That’s 9 percent lower than the closing rate of N778/$ on Monday, representing the biggest single day decline this month.

The currency also fell to a low of N1,050 per dollar on the parallel market amid strong demand for dollars.

One of the traders said on Tuesday that individuals who want to travel for business, school, health and tourism are buying dollars from the street traders because they could not meet their demands from the official market.

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The CBN 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.

The embattled naira could however be set for a lift after lawmakers approved plans by the government to secure a $1.5 billion loan from the World Bank.

Wale Edun, the Finance Minister, told reporters in Abuja, the capital city, on Monday that the funding will be concessionary and is expected to be secured by December.

Nigeria will also seek $80 million of financing from the African Development Bank, he said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.