Nigerian naira slips on strong foreign demand for dollars

 

Nigeria's Naira currency weakened slightly on the interbank market on Tuesday due to strong demand for dollars from foreign investors.

The local currency closed at 168.40 to the dollar, compared with 168.20 the previous day.

Traders said the central bank had intervened in the market to buy naira, providing some support, but not enough to lift the currency, adding that they said they expected the interventions to continue, and to provide dollar liquidity.

Traders also said two energy firms had sold dollars, but not enough to push up the naira. They said Saipem - a local unit of Italy's Eni - sold $10 million, while Chevron sold $45.5 million.