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

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

Source: Business Day Online

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