The Naira weakened slightly against the dollar on Monday, as the expected dollar inflow from the Nigerian National Petroleum (NNPC) did not materialise causing the nation’s currency to fall at the interbank trade.
The Naira weakened to N157:45 kobo to the dollar on the interbank on Monday.
At the Central Bank of Nigeria’s (CBN) bi-weekly auction, the (CBN) sold N150 million at N155:70 kobo to the dollar, compared with the same quantity sold at N155:80 to the dollar at the last auction on Wednesday.
If the NNPC fails to sell dollars, dealers expect that the naira will climb back to the N157:50 kobo to N157:90 kobo band in the near term.
