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.
HOPE MOSES-ASHIKE
