Naira falls on oil-imports demand

The naira declined for a fifth day, reaching its lowest in more than five weeks on increased demand for dollars by oil importers and as the Central Bank of Nigeria (CBN) cut the amount of U.S. dollars sold at yesterday’s auction.

The naira weakened by 0.1 per cent to N158.83 per dollar, the lowest on a closing basis since March 14, according to data compiled by Bloomberg.

Nigeria relies on imports to cover 70 per cent of the fuel needs because of inadequate refining capacity. Those shipments into the country are a source of pressure on the naira, according to the CBN. The apex bank sold $246.5 million at an auction yesterday, compared with $266.2 million at the previous sale on April 17, it said in an e-mailed statement.  Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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