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 rose, halting a five-day decline, as the central bank was said to have sold dollars directly to the market outside of its regular currency auctions.
Nigeria’s naira strengthened, paring a weekly loss, as oil companies were said to have sold dollars in the market.
"The direction of the kwacha was a one-way street in the first half of the year."
- Dumisani Ngwenya on Jun 30, 2014