Currencies
Naira Reverses Gains as Outlook Dims on Declining Dollar Inflows
- Nigerian currency now world’s worst performing in last month
- Naira being weighed down by increasing local dollar demand
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Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates.
The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the US currency which on Thursday halved from the day before to just $84 million.