Naira falls further on low dollar supply

Naira falls further on low dollar supply

Thursday, November 27, 2014 1:36 pm

It is certainly not the best of time for Nigeria’s currency, the Naira.

It fell 0.22 percent to 177.40 against the dollar on Thursday, trading lower than central bank’s target band of 5 percent plus of minus 168.

The currency to demand pressure as dollar flow was not enough to meet demand, dealers said.

The naira has been volatile and under pressure since the central bank announced a devaluation on Tuesday, although Wednesday’s trading saw it rise on a surge in dollar supply.

In the unofficial market, the dollar was sold for N186 yesterday.

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