Nigeria naira at record black market low despite successful Eurobond sale – Reuters

Nigeria naira at record black market low despite successful Eurobond sale – Reuters

ABUJA, Sept 27 (Reuters) - The Nigerian naira hit a record low of 573 against the dollar on the black market on Monday, shrugging off news of the country's Eurobond sale, meant to boost its currency reserves, traders said, weighed by a recent clampdown on retail forex operators.

The West African country sold $4 billion via Eurobonds last week after investors submitted bids of $12.2 billion. It is considering an additional issue.

But traders on the informal black market have shrugged off the news, citing the central bank's ban on dollar sales to exchange bureaus in an attempt to channel demand from the unofficial market, where the naira is trading at much lower levels.