Nigeria Naira Plunges to Record Low, Falling for 9th Straight Year

December 31, 2021

Rising oil receipts fail to help naira comeback

Nigeria is seen improving revenues from its varieties of sweet crude, as oil prices book a rebound from record lows

Nigeria’s currency plunged to a record in the spot market on Friday, narrowing the gap with the rate that investors and exporters pay for the naira, according to Bloomberg. The currency fell 2.2% to a record N424.27 versus the dollar as of 2.46 p.m. on Friday. It was the biggest drop in the offic

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