The Nigerian naira fell to its lowest levels in almost a month despite external reserves climbing for the second consecutive week, fanning fears that the local currency may begin to be pressured on renewed appetite for the greenback.
The naira depreciated by 1.3 percent week-on-week to N1,610.50/USD up from N1,589.00/USD it closed earlier, even as the Central Bank of Nigeria intervened, selling $200.00 million to the market to limit upsides of tariffs and sliding oil prices on the unit.
Data obtained from the CBN showed that the naira was
