LAGOS May 12 The Nigerian naira weakened
against the dollar on the interbank market on Monday, pressured
by increased demand for the U.S. currency from importers amid
limited supply from oil companies.
The naira closed at 161.65 to the dollar compared with
Friday's close of 161.25.
"The market is experiencing a dearth of dollar supply, while
demand has risen in the last week," one dealer said.
The naira had firmed to 158.30 a week ago on the back of
dollar supply from oil companies and offshore investors buying
Dealers said expectations of dollar inflows from offshore
investors participating in a debt auction this week could boost
Nigeria plans to raise about 70 billion naira ($434.19
million) by issuing three-year and 10-year bonds on Wednesday at
($1 = 161.22 naira)
(Reporting by Oludare Mayowa; Editing by Susan Fenton)