Naira Slips as Dollar Demand Rises on Investor Sell-Off
The naira weakened slightly against the dollar on Friday as demand for foreign currency outpaced available supply. Market data showed rates trading between ₦1,363 and ₦1,370 per dollar, with some deals at ₦1,374. Analysts attributed the pressure to foreign investors cashing out of local stocks and converting proceeds into dollars. Early gains to ₦1,356 were erased amid limited central bank intervention and volatile interbank volumes of $40m to $184m. Despite the slight dip, Nigeria’s external reserves hit a 17-year high of $51.04bn, buoyed by oil export proceeds and remittances. Observers say the naira’s near-term path will hinge on investor flows, oil prices and CBN liquidity measures.
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