On Thursday, the Nigerian naira NGNP= touched a record low of 596 naira per dollar on the black market as a result of increasing political expenditure ahead of the end-of-month election primaries, according to merchants.
According to the electoral commission, political parties in Nigeria must choose presidential candidates by June 3, and official campaigning will commence in September before to elections early next year.
Since 2020, the currency has weakened significantly on the unofficial market. Due to currency shortages, the naira has remained constant on the official market, trading between 413 and 417 per dollar.
The February 2023 election will mark the end of President Muhammadu Buhari’s second four-year tenure. The ruling All Progressives Congress (APC) has scheduled its presidential candidate selection primary on May 30 and 31.