The Nigerian naira has hit a new record low, depreciating 0.6% to 1,681 per USD. The currency has lost 72% of its value since the June 2023 reforms allowed it to trade freely. Despite selling 1.4 tln naira of one-year OMO bills at high yields, liquidity in the currency market declined, with spot turnover dropping 10% to USD 196.8 mln.