{"id":1271332,"date":"2022-12-29T16:30:22","date_gmt":"2022-12-29T16:30:22","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/29\/nigerias-naira-extends-losses-on-official-market-economy\/"},"modified":"2022-12-29T16:30:22","modified_gmt":"2022-12-29T16:30:22","slug":"nigerias-naira-extends-losses-on-official-market-economy","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/29\/nigerias-naira-extends-losses-on-official-market-economy\/","title":{"rendered":"Nigeria&#8217;s Naira Extends Losses On Official Market | Economy"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Nigeria&#8217;s naira extended losses on the official market on Wednesday to a record low of 461 to the dollar, as trading resumed after the Christmas holiday and the currency weakened to cope with high foreign exchange demand.<\/p>\n<p>The currency hit a low of 460.20 naira by 11:04 GMT, down from its opening position of 454.98 naira, Refinitiv data showed.<\/p>\n<p>&#8220;It&#8217;s a shift from previous levels. Supply is limited,&#8221; a currency trader at a local bank said.<\/p>\n<p>The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.<\/p>\n<p>&#8220;The scarcity is still there yet clients are doing trades with guides from the regulator,&#8221; the trader said.<\/p>\n<p>The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.<\/p>\n<h3><strong\/><\/h3>\n<p><span class=\"peace_black_text_4\">Source: Reuters<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<table width=\"100%\" border=\"0\" cellpadding=\"0\" cellspacing=\"0\" style=\"clear:both\">\n<tr>\n<td><span class=\"peace_red_text_1\">Disclaimer<\/span>: <span class=\"peace_ash_text_1\">Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.<\/span><\/td>\n<\/tr>\n<\/table>\n<p>Featured Video\n<\/p>\n<p><div class=\"youtube-embed\" data-video_id=\"wB2-NHndouE\"><iframe loading=\"lazy\" title=\"Our Fight Against Sim Card Registration Is Unending- Hon. Ras Mubarak Cautions Gov&#039;t\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/wB2-NHndouE?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s naira extended losses on the official market on Wednesday to a record low of 461 to the dollar, as trading resumed after the Christmas holiday and the currency weakened to cope with high foreign exchange demand. The currency hit a low of 460.20 naira by 11:04 GMT, down from its opening position of 454.98 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1271333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1963,362,1328,446,855,1390,3928],"class_list":["post-1271332","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-economy","tag-extends","tag-losses","tag-market","tag-naira","tag-nigerias","tag-official"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1271332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1271332"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1271332\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1271332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1271332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1271332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}