Nigeria naira down 1.7 pct on OPEC decision not to cut output - dealers

Nigeria's naira fell 1.7 percent in early Friday trade to 177.25 against the dollar as markets reacted negatively to a decision of the OPEC oil exporting group not to cut crude output, dealers said.
Saudi Arabia blocked calls on Thursday from poorer members of OPEC, including Nigeria, to cut output, sending oil prices plunging.
Nigeria's currency touched a record low against the dollar on Wednesday, a day after the central bank devalued it by 8 percent in a bid to halt a slide in its foreign reserves -- 95 percent of which derive from oil sales.
Falling world oil prices and a retreat from emerging markets have put pressure on the currencies of several oil exporters, including Angola, whose kwanza is also in retreat.
Brent crude fell more than $6 to $71.25 a barrel after OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a shift away from its long-standing policy of defending prices.
Unlike the Gulf countries, which have squirreled away large foreign currency reserves, Nigeria's oil savings fell during the boom times, partly owing to theft of its oil by criminal gangs hurting output and partly because too much money was distributed to its powerful governors.
The falling oil price has created expectations of further declines which would put further strain on the central bank's currency reserves, weighing on the naira.
"Many importers are bringing forward their obligations in view of the persistent fall in oil prices," one dealer said.
"A number of them ... anticipate a further depreciation of the naira, so they are stock piling the dollar."
The troubles facing Africa's biggest economy are an unwelcome headache for President Goodluck Jonathan, who will seek a second elected term in polls scheduled for Feb. 2015.