Refinitiv data shows that the Nigerian naira fell on Thursday, December 29, 2022 to a record low of 462 per dollar on the official market. Traders, for their part, say that the central bank has adjusted its rates to deal with the backlog of foreign exchange requests.

After the intervention of the central bank to ease pressure on the spot market, where the naira trades within a range, the naira has fallen to successive lows on the official and black markets due to the scarcity of the dollar since last year . For its part, the currency weakened to a low of 461 per dollar on the official market on Wednesday.

A currency trader at a local bank said they know that at the end of the year, the central bank adjusts rates,” said a currency trader at a local bank. According to him, “they did it every year for the last two years.” He adds that the exchange rate could reach 465 per dollar by the end of the year.

Also, the naira has weakened in all areas on the futures market and the currency is quoted at 472 per dollar on the one-month contract on Thursday.