Naira Ends The Week at Another Record Low

Nigeria’s naira ended at a record closing low against the dollar on Friday despite central bank intervention, dealers said.

The unit, which opened at 193.60 naira, firmed to 185.80, lifted by the intervention. It quickly fell back to close at 193.90. The naira closed at 192.70 on Thursday.

Currrency users were holding on to cheap dollars bought at the almost-daily central bank interventions, dealers said, because they believed the naira would continue to weaken as falling oil prices hurt Nigeria’s economy.

Reuters

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