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.