Nigerian Naira Official Rate Fixed Weaker Than Parallel Value

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The naira’s official exchange rate fell below the street value on Tuesday after the Nigerian currency plunged to a record against the dollar.

The naira closed at 1,482.57 per dollar in the so-called NAFEM window on Tuesday, according to data published by FMDQ, which calculates the exchange rate. The currency traded at 1,475 on the parallel market, according to Abubakar Mohammed, chief executive for Forward Marketing Bureau de Change Ltd., which compiles the data.

Source: Bloomberg