Naira falls to lowest since 2011

The naira weakened for a second day to its lowest since 2011 as investor inflows were said to have slowed and foreign-exchange demand remained strong after the Central Bank of Nigeria lifted limits on sales of dollars.

According to a Bloomberg report, the naira declined as much as one per cent to N165.63 per dollar, the lowest intraday level since October 2011, before trading 0.3 per cent lower at N164.55 per dollar as of 12:57 pm in Lagos.

The CBN said in a statement on its website that it removed the weekly limit of $250,000 that could be sold to a bureau de change to “shore up liquidity in that segment of the foreign-exchange market.”

Strategists at FBN Capital Limited, Gregory Kronsten and Bunmi Asaolu, said in an e-mailed note that investor inflows “have clearly slowed under the cloud of tapering.

[Punch]

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