• Saturday, December 09, 2023
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Naira weakens against dollar on corporate demand


 The naira on Friday weakened against the US dollar at the inter-bank market losing 19 kobo to close at N157.81/$ as against N157.61/$ the previous day, data from Financial Markets Dealers Association (FMDA) has shown.

An analyst, who spoke with BusinessDay, attributed the depreciation of the naira to importers’ demand for the greenback. They demand for it to settle their bills.

Naira had appreciated for two days after the Easter holidays due to slight low demand coupled with inflow from oil companies and the Central Bank of Nigeria’s (CBN) intervention of $300 million last week.

The CBN last Wednesday intervened, offering $300 million but sold $237 million at N155.74/$ at its bi-weekly Wholesale Dutch Auction System (WDAS).

In line with the expectation of Cowry Asset management as indicated in its weekly report, the naira appreciated in all market segments amid improved supply of the dollar by the CBN.