Nigeria’s central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Nigeria naira fell 1.04% on Tuesday to a low of 480 on the black market after the government said it will reopen its airports for international travel in two weeks’ time, a move that could increase dollar demand, traders said.
The naira had been stable for over a week on the black market at 475 per dollar, where it trades at more than 20% weaker to the official over-the-counter spot market. Reuters
