Nigeria’s naira hit a record low of 460.20 to the dollar on the official market on Wednesday, down from its opening position of 454.98 naira, according to Refinitiv data.

Since last year, when the central bank intervened to relieve pressure on the spot market, the naira has fallen to successive lows across both the official and black markets due to dollar scarcity.

The naira dropped to a two-month low on the official market last week and weakened across the board on the forwards market.