PHOTO
image used for illustrative purposes. A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. In Nigeria, holding naira has become increasingly unpopular as it has lost its value. Basic everyday goods can still be paid for in the local currency but many items are scarce and Nigerians need U.S. dollars for imports such as drugs or fabrics sold by small-time traders, to send money to relatives abroad or to purchase western clothes that are important status symbols. Faced with a massive drop in oil revenues and declining reserves, Nigeria's central bank devalued the naira and then imposed rules restricting access to dollars to all but importing companies to curb what it termed "speculation". Picture taken March 12, 2015. REUTERS/Afolabi Sotunde
Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring falls on the official spot market, LSEG data showed.
The naira fell to a low of 1,602 per dollar on the official spot market on Tuesday, while it hit record lows on the forwards market, which quoted the currency at 1,652.50 to the dollar in one month's time.
Other maturities on the forwards market on Tuesday also fell, with traders quoting the currency as low as 1,840.36 naira per dollar in a year's time.
Africa's biggest economy has suffered from severe dollar shortages in its foreign exchange market which has seen the official exchange rate drift towards the unofficial parallel market level.
The currency was quoted at 1,800 naira on the parallel market on Tuesday.
(Reporting by Chijioke Ohuocha; Editing by Kirsten Donovan)