The Nigerian naira is likely to weaken next week as banks struggle to fill dollar orders by importers seeking to meet past due obligations in the face of lower hard currency earnings, traders said.

The naira has been weakening across the official and black markets since last month after the price of oil collapsed, prompting the central bank to devalue the currency and suspend foreign exchange sales to retail currency traders.

The naira eased to 387.30 per dollar on Thursday after it touched a new low of 387.70. The currency was quoted at 415 naira per dollar on the black market, much weaker than the spot market rate.

Foreign currency inflows into Africa’s biggest economy dried up after oil prices plunged as the coronavirus outbreak worsened an already tight currency market.

SHARE
Previous articleMass unemployment looms as Nigeria orders IOCs to cut staff on social distancing culture
Next articleAtedo Peterside quits board of Nigerian Breweries Plc
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

This site uses Akismet to reduce spam. Learn how your comment data is processed.