Nigeria
Naira Comes Under Renewed Pressure as Importers and Investors Drive Dollar Demand
Nigeria’s naira weakened to approximately ₦1,339 per U.S. dollar in the official foreign-exchange market on Thursday, from around ₦1,331 a week earlier, as importers increased dollar demand and investors took profits from Nigerian financial-market investments. The parallel-market rate was around ₦1,370 per dollar. Currency traders say sustained weakness beyond ₦1,340 in the official market could increase pressure on the naira and potentially prompt further CBN action, but the central bank has not announced a new intervention in response to Thursday’s movement.
BigV•2h ago•1 min read