ABUJA, Feb 23 (Reuters) - Nigeria's naira currency fell to a new record low in intraday trading on Thursday, FMDQ Exchange data showed on Friday, dropping below rates quoted on the parallel market despite the central bank selling dollars to boost liquidity.

The naira fell as low as 1,851 to the dollar on the official market on Thursday, compared with around 1,800 quoted in street trading , before recovering to close around 1,571 to the dollar, FMDQ data showed.

Africa's biggest economy suffers from crippling foreign-currency shortages that have pushed the naira to repeated all-time lows on the official and parallel markets, despite the central bank intervening with dollar sales.

One trader said the central bank had sold $100 million this week via interventions, bringing total interventions since the start of last week to $300 million.

Next week the central bank is scheduled to hold its first interest rate meeting under Governor Olayemi Cardoso, who has pledged to support the naira and bring down inflation, which is at its highest since mid-1996.

https://www.reuters.com/world/africa/nigerian-naira-falls-new-record-low-official-market-fmdq-exchange-2024-02-23/

k

There is nothing like free market in currency trading
It is an euphemism for people with money and influence making money off the misery of the currency.
I ask for example, who or what is the fundamental determining the fluctuations in the market? Such high volatility can't exist in real life and some individuals or corporates won't be gaining massively or losing massively

Hmmm!

The rate at which our naira is losing weight against the dollars is alarming!


Every known tricks in the books have been employed and deployed in resuscitating the naira but to no avail.

The naira keeps discovering a new LOW with the break of the day.

I'm beginning to smell high level SABOTAGE being orchestrated on an industrial scale in the FX market

Hopefully it gets to 1300 before end of next week

Agbegbaorogboye:
There is nothing like free market in currency trading

Free market is not what you think it is.
In reality, pure free market does not exist in any market.
It just depends on the extent.

Government is the greatest enemy of free market followed by cartels.
Even labor unions are mostly anti free market.

It is an euphemism for people with money and influence making money off the misery of the currency.

People with money always make money when opportunities arise, nothing new here.

I ask for example, who or what is the fundamental determining the fluctuations in the market?

Not who, cause and effect, demand and supply.

Such high volatility can't exist in real life and some individuals or corporates won't be gaining massively or losing massively

What do you mean by real life?
The forex market is as real as they come.