Naira Depreciates Against the Dollar... See Latest Value

Forum 7 years ago

Naira Depreciates Against the Dollar... See Latest Value

Nigeria's naira is seen weakening further next week amid a crackdown on black market currency traders, while the Kenyan shilling may strengthen.

The local currency fell 2.08 percent week-on-week on Thursday to 480 to the dollar on the parallel market against 470 a dollar last week, while it was quoted by commercial lenders at 314.80 a dollar on the interbank market. The naira has, however, consistently closed around 305.5 a dollar level since August via the official window.

According to Reuters, the naira is projected to weaken further against the greenback next week in the parallel market. This is as a result of dollar scarcity, while forex demand by small businesses is set to surge ahead of holiday season sales.

"The consistent clampdown on black market operators by security agents has driven some currency retailers underground, putting more pressure on available hard currency," one dealer said.