Naira Falls to Lowest in Week on Dollar Demand for Fuel
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Nigeria’s naira depreciated to the lowest in a week as the oil industry demanded dollars for gasoline imports.
The currency of Africa’s biggest oil producer retreated 0.3 percent to 163.05 per dollar as of 3:56 p.m. in Lagos, the weakest on a closing basis since June 15, according to data compiled by Bloomberg. The naira is down 0.5 percent this year, after being Africa’s best-performer against the dollar in the first five months.