Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Nigerian naira falls vs dollar on strike fears

Category: Forex

  Read (2360)
Nigerian naira falls vs dollar on strike fears



Friday January 6, 2012 2:25pm

The Nigerian naira fell against the U.S dollar on the interbank foreign exchange market on Friday on fear the planned strikes and protests against a hike in fuel price could disrupt business activities next week.

The naira closed at 162.10 to the dollar, 1.32 percent weaker that the 159.95 to the dollar Thursday's close.

"Some importers are buying up dollars because of the uncertainty on the likely impact of the planned labour union strikes and protests against the withdrawal of fuel subsidy on their business next week," one dealer said.

Nigerian trade unions threatened on Wednesday to call a national strike starting next week, which they said would shut down large parts of the country's businesses, including the banking sector, if the government failed to restore a fuel subsidy.

Traders said the naira currency was under pressure on Friday as some importers buy up dollars to secure their obligations in case the planned strikes disrupt business activities and the foreign exchange auctions next week.

"People expect the naira to lose value next week unless the central bank increases dollar sales to the market and clears all demand at it auction, provided the auction is held because of the planned strikes by the labour union," another dealer said. 



Source: Reuters (Reporting by Oludare Mayowa)


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Forex

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014