Nigerian naira hits record black market low

The sudden freefall of the Nigerian Naira versus the US dollar has caused widespread shock and alarm in the banking and investment industries.

Nigeria’s naira hit a record low of 1,200 per dollar on the black market, online platform abokiFX showed, a day after the currency hit a new low on the official market due to persistent dollar shortages.

The naira has been in freefall on the unofficial market, where it trades freely, which…