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Home Markets Currencies

Naira Falling Quickly Against The Dollar. Now At 10 Months Low

Ugodre Obi-chukwu by Ugodre Obi-chukwu
June 9, 2013
in Currencies, Politics
Revenues
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Nigeria’s naira currency fell to its weakest level in almost 10 months on the interbank market on Friday, driven down by strong demand for the greenback by offshore investors exiting the bond market and repatriating dividends, traders said. The naira closed at 159.8 to the dollar on the interbank market, a level not seen since August 8, 2012 when it closed at 160.1 to the dollar. 

 
The naira closed at 158.98 the previous day, Reuters reports. “Demand for the dollar is coming from some offshore investors who are exiting the bond market and some who are repatriating dividends from investments in the equity market,” one dealer said. 

Nigerian naira falls vs dlr to weakest in 10 months

Tags: News Review
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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