Currencies
Naira Poised for Worst Four-Day Drop Since January’s Devaluation
- Dollar volumes in Nigeria plunged to a two-month low on Friday
- Central bank offers naira to dealers to drive appreciation
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Nigeria’s currency plunged, heading for its worst four-day losing streak since the naira was devalued in January as domestic dollar liquidity evaporated.
The naira dropped 5.3% against the dollar on Tuesday paring the month’s gains to 15%, which still makes it the best performing among currencies monitored by Bloomberg. On the unofficial market, it fell 0.2% to extend the retreat of the past four trading days to 17%, said Abubakar Muhammed, chief executive of Forward Marketing Bureau de Change Ltd., which tracks the data in the commercial capital.