Naira Weakens for Second Day as Companies Drive Demand
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The naira depreciated for a second day against the dollar as businesses resuming for the year increased demand for dollars to pay for raw materials and industrial-goods imports.
The currency of Africa’s biggest oil producer retreated 0.3 percent to 156.80 a dollar as of 3:10p.m. in Lagos, the commercial capital. The naira gained 3.9 percent last year, the strongest performance of African currencies tracked by Bloomberg.