LAGOS, April 16 Nigeria's naira currency
weakened against the dollar on the interbank market on
Wednesday, with the dollar in demand as importers sought to meet
their foreign exchange needs.
The local unit closed at 162.30 to the dollar, weaker than
161.75 Tuesday's closed.
Traders said dollar supply from oil companies and offshore
investors had dried up, leaving the market with less dollar
liquidity in the face of increased demand from importers and
"There is no dollar inflow from oil companies while dollar
demand coming from importers taking advantage of cheaper dollar
put pressure on the available greenback in the market," one
The naira traded around 160.90 to the dollar last week,
boosted by dollar inflows from oil companies and offshore
investors buying local debt, prompting some users to increase
their demand to hedge against future depreciation of the
Traders said the naira could depreciate further to around
163 to the dollar if supply remains weak.
(Reporting by Oludare Mayowa; Editing by Alison Williams)