Business Nigeria: Amid Fuel Price Hike, Naira Drops by Record 11% Against US Dollar

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Nigerian Naira 3-month non-deliverable forwards weaken by record 11%; Selling at 324 to a dollar on the black market spot, few days into the announcement of the end to Fuel Subsidy regime in the country by President Muhammadu Buhari led administration.

See break down of Naira rates, according to Bloomberg report.

nairadollar.jpe

  • NGN litte changed at 199.05/USD

  • Spot price pegged at 197-199 since March 2015; traded at 324/USD on black market Thursday evening and 325/USD on Friday morning, Aminu Gwadabe, chairman of the Association of Bureau de Change Operators of Nigeria, told Bloomberg on phone from Lagos.

  • FX reserves at $26.8b on May 10 vs $29.1b end-2015
 
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