Nigeria's naira weakened against the dollar on the interbank market on Monday as dollar supply failed to meet strong demand from importers, despite greenback sales by local units of two major oil companies.
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| Sanusi, CBN Gov |
The local unit of Royal Dutch Shell sold an undisclosed amount of dollars to some lenders, while Addax sold about $14 million, but this could not provide support for the naira due to rising demand from importers, traders said.
"The naira actually crossed the 160/dollar mark intraday, but retracted after the sales by the two oil major provided some liquidity in the market," one dealer said.
At the official foreign exchange auction, the central bank offered $350 million on Monday, compared with $399.99 million sold at 155.72 naira to the dollar at the last auction on Wednesday.
Traders said the naira could depreciate further in the week if there is not sufficient dollar flow from oil companies.
"We see the naira crossing the 160 to the naira mark again in the week if there is no major dollar flow from oil companies," another dealer said.
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