Nigeria’s naira weakened a second day against the dollar as reduced demand for the West African nation’s bonds put pressure on the currency before a central bank meeting where the key rate will probably be maintained.
Nigeria’s five-year borrowing costs are poised to hit a record high at a debt auction tomorrow on concern inflation is climbing to the fastest in more than two years.
Nigeria’s naira appreciated to its strongest level in sixteen weeks on lower demand for the dollar as the central bank sold the U.S. currency at a twice-weekly auction.
Nigeria’s naira climbed for a second day after the central bank sold the most dollars at its twice-weekly sales in eight months.
Nigeria’s naira strengthened, paring a weekly loss, as oil companies were said to have sold dollars in the market.
Nigeria’s naira climbed after the central bank kept dollar sales at the highest in three weeks and on speculation that oil companies sold the currency.
"The direction of the kwacha was a one-way street in the first half of the year."
- Dumisani Ngwenya on Jun 30, 2014