Naira Weakens Further on Tight Dollar Supply

Despite attempts by the Central Bank of Nigeria to ensure that the naira continues to increase in value, the Nigerian currency weakens further on the back of strong demand for the dollar.

The naira had fallen to ₦163.6 to the dollar on Wednesday on the interbank compared with ₦162.95 a dollar the previous day.

According to a Reuters report, dealers said limited dollar supply from oil companies had weakened the naira along with the central bank’s decision, so far, not to sell dollars directly to lenders.