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Naira falls against dollar on back of short supply

News » Health and Beauty


The nation’s currency, the Naira on Wednesday lost N0.70k against the US dollar at the inter-bank market due to increased demand for foreign exchange with the attendant short supply from official and autonomous sources.

After trading on Wednesday, naira closed at N161.65/$ compared to N160.95/$ at the inter-ban market the previous day, according the data obtained from Financial Markets Dealers Quotations (FMDQ).

Foreign exchanger dealers said the local unit of Eni sold $20 million to some lenders on Wednesday, but it was not sufficient to support the naira.

“There was a lot of demand in the market today … from importers buying dollars,” one dealer told Reuters.

Dealers anticipate a dollar sale by state-owned oil company Nigerian National Petroleum Corporation (NNPC) any time soon to help stem the slide in the local currency.

Article Credit: Businessdayonline

Updated 4 Years ago

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Tags:     Naira     US Dollar     FMDQ     NNPC