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Nigerian naira slips 0.43 pct on importer dollar demand
August 6, 2014 / 2:51 PM / 3 years ago

Nigerian naira slips 0.43 pct on importer dollar demand

LAGOS, Aug 6 (Reuters) - Nigeria’s naira fell 0.43 percent against the U.S. dollar on the interbank market on Wednesday after importers brought forward their obligations to take advantage of a recent rally in the local currency.

The local unit closed at 161.65 naira to the dollar, weaker than the 160.95 naira it closed the previous day. The naira on Monday firmed to an almost 3-month high against the greenback.

Traders said the local unit of Eni sold $20 million to some lenders on Wednesday, but it was not sufficient to support the naira.

“There was a lot of demand in the market today ... from importers buying dollars,” one dealer said.

Dealers anticipate a dollar sale by state-owned oil company NNPC any time soon to help stem the slide in the local currency. NNPC supplies a substantial amount of the dollar flows in Africa’s biggest economy. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha/Mark Heinrich)

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