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Nigerian naira eases on strong dollar demand

Category: Forex

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Nigerian naira eases on strong dollar demand


Monday January 30, 2012 4:05pm

The Nigerian naira eased against the U.S. dollar on the interbank market and at the central bank's bi-weekly forex auction on Monday on strong dollar demand from importers, dealers said.

The naira closed at 161.35 to the dollar on the interbank market, weakening from Friday's closing level of 160.90.

"Demand for the dollar has been rising fast relative to supply, causing the naira to depreciate," one dealer said.

At the bi-weekly forex auction, the central bank sold $250 million at 157.05 naira to the dollar, compared with $250 million at 156.85 naira it sold at its previous auction last week.

Traders said demand for the dollar stood at around $306 million at the official window.

"The naira could trade above 162 to the dollar in the coming days if we don't see significant dollar sales by oil multinationals," another trader said.

Dollar sales by state-owned energy company NNPC and some multinational oil companies have amounted to more than $900 million in the last two weeks, helping the naira strengthen to a three-week high last week. 


Source: Reuters (Reporting by Oludare Mayowa)

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