The Naira fell to its lowest level in almost a week on Wednesday at the interbank after crude exporting companies reduced dollar sales and deployed their foreign-exchange reserves to pay for gasoline imports.
Traders say dollar inflows from royal Dutch Shell, Total and Agip of about $196 million to the market was not enough to counter demand.
The Naira weakened further at the interbank to N157:90kobo per dollar.
The local currency however, managed a slight gain at the Central Bank’s bi-weekly foreign exchange auction after the regulator sold $150 million at N156:01kobo to the dollar.