Ailing Naira Sinks in Black Market to 500 for First Time: Chart
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The Nigerian naira fell against the greenback to 500 on the black market as the nation’s dollar scarcity worsens, according to abokiFX.com, which collates prices from traders in Lagos each day. The currency’s unofficial rate is now 38 percent weaker than the central bank’s level of 309. That’s despite several attempts by Governor Godwin Emefiele and the government to stem the rout after a devaluation in June.