December 8, 2023

The Naira fell to a fresh record low, extending its losses since President Bola Tinubu’s call for changes in exchange rate policy.

The naira weakened 1% to 471.9 to the dollar as of 5:33 p.m. in London, the biggest drop since December. The currency has been weakening since Tinubu used his inauguration speech last month to urge the central bank to close the gap between the country’s official and unofficial exchange rates.

The spread between the managed and parallel markets in Africa’s biggest economy can be as wide as 60%. President Tinubu’s call on the central bank to move toward a uniform rate has sparked expectations that the currency will be devalued to close the gap.

Fitch Ratings anticipates a phased-in exchange-rate liberalization, moving the official rate closer to a market-clearing level, which would ultimately represent a “positive development for Nigeria’s credit profile,” according to a note Thursday.

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