curator
Administrator
The naira weakened for a second day to its lowest since 2011 as investor inflows were said to have slowed and foreign-exchange demand remained strong after Nigeria’s central bank lifted limits on sales of dollars.
The currency of Africa’s top oil producer declined as much as 1 percent to 165.63 per dollar, the lowest intraday level since October 2011, before trading 0.3 percent lower at 164.55 per dollar as of 12:57 p.m. in Lagos, the commercial capital. The Central Bank of Nigeria removed the weekly limit of $250,000 that may be sold to a bureau de change to “shore up liquidity in that segment of the foreign-exchange market,” it said in a statement on its website dated Jan. 24.
Click here to read more
Source: BusinessWeek
---
The currency of Africa’s top oil producer declined as much as 1 percent to 165.63 per dollar, the lowest intraday level since October 2011, before trading 0.3 percent lower at 164.55 per dollar as of 12:57 p.m. in Lagos, the commercial capital. The Central Bank of Nigeria removed the weekly limit of $250,000 that may be sold to a bureau de change to “shore up liquidity in that segment of the foreign-exchange market,” it said in a statement on its website dated Jan. 24.
Click here to read more
Source: BusinessWeek
---