Naira falls to record low of 375.5/$ on official market

Nigeria’s naira weakened to a record low of 375.50 to the dollar on Tuesday on the official interbank market, according to Thomson Reuters data.

The currency had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on the official window.

It then stabilised at around 305.5 to the dollar due to daily interventions by the Central Bank of Nigeria (CBN), traders said.

There was no immediate explanation for the currency move.