Naira shed 0.76 percent to close at a record low of 177.45

Naira-dollar

The naira shed 0.76 percent on Friday to close at a record low of 177.45 against the dollar, despite the central bank intervening for a fifth straight day with dollar sales to try to prop up the currency, dealers said.

 

“The demand (for dollars) out there is quite serious … The market is absorbing all central bank intervention and still depreciating,” one dealer said.

“We had FDI (foreign portfolio investments) inflows in the past … which has dried up,” he said.

Reuters

 

Source : BusinessDay

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