# Nigeria’s naira hits record low of 1,662 against dollar 2026-08-19T11:10:05+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 4 independent outlets The Nigerian naira has plunged to a record low of 1,662 naira against the US dollar in official trading on Tuesday, before closing at 1,658 naira. The latest decline extends a long slide since the central bank floated the currency in June 2023, when it traded at around 750 naira to the dollar. The currency weakened 2.6% in Tuesday's session alone, according to data from the FMDQ exchange. Analysts say the naira faces pressure from persistent dollar shortages and low oil output, Nigeria's primary export earner. The country's foreign exchange reserves have fallen to roughly $34 billion, limiting the central bank's ability to intervene. The naira's devaluation feeds into inflation, which hit 34.2% in June, squeezing household purchasing power. The central bank's next interest rate decision is expected in September. Policymakers must balance containing inflation against supporting economic growth. ## Indian Opinion Analysis The devaluation of the Nigerian naira has deepened since the central bank allowed it to float freely in June 2023. The official exchange rate has weakened from about 750 naira to the dollar to over 1,600 naira in recent days, reflecting persistent dollar shortages and market jitters. On Tuesday, the currency hit a record low of 1,662 naira per dollar in official trading, before closing slightly stronger. Analysts attribute the slide to low oil revenues, Nigeria's main export, and delayed reforms. The naira's weakness has fuelled inflation, which exceeded 34% in June, and eroded living standards. A major test for the currency will come when the central bank next sets the benchmark interest rate, expected in September, as policymakers weigh price stability against growth. ## Coverage Coverage: 4 sources, 3 neutral - ndtvprofit.com (neutral report) Straight market reporting, no political slant - economictimes.indiatimes.com (neutral report) Factual, no government accountability framing - livemint.com (neutral report) Purely economic, no blame attribution - inc42.com This story was synthesised by AI from the 4 sources linked above. Updated: this story now draws on 4 sources. Last updated 2026-08-19T23:51:39+00:00. Tags: Ashish Kacholia, NSE, Vijay Kedia, Zaggle Prepaid Ocean Services Canonical: https://indianopinion.org/vijay-kedia-buys-rs-33-crore-stake-in-zaggle-prepaid-stock-jumps-17/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/vijay-kedia-buys-rs-33-crore-stake-in-zaggle-prepaid-stock-jumps-17/#story-in-brief How this brief was made: an AI model read the reports linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. Stance labels are editorial classifications of how each outlet framed this story, assigned by the same model, not ratings of the outlets. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/