• Thursday, June 20, 2024
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BusinessDay

Naira sheds 1.1 pct on low dollar liquidity

The naira shed 1.1 percent in mid-morning trades on Wednesday, driven lower by low dollar liquidity amidst rising demand for the greenback, dealers said.

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The naira, which opened at 190.30, quickly fell to 192.30 to the dollar by 10:50 GMT. The unit closed at 189.15 naira the previous day.

Dealers said Italy’s ENI sold $24 million to some lenders to buy naira for its local operations, but it was insufficient to help quench dollar demand.