Nigerian Central Bank Dollar Sales Fail to Stem Naira Fall
- Naira falls to weakest level since March on demand for dollars
- Dollar reserves rise to $35 billion, highest since May 2023
Naira banknotes at a market in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s naira extended its losing streak to a fifth day, slipping to its weakest level since March despite central bank intervention amid seasonal demand for dollars and continuing investor skepticism.
The naira stood at 1,577.29 per dollar at its official close on Monday, according to FMDQ. That’s the weakest since March 15, down from 1,563.8 on Friday and shrugging off dollar sales totaling $122.7 million on July 10-11 to local currency dealers by the Central Bank of Nigeria.