Nigeria’s naira are expected to weaken against the dollar in the next week to Thursday, traders said.
The naira NGN= is seen easing on the spot market after it lost ground on the derivatives market and hit a record intra-day low on the over-the-counter market this week, traders said.
The naira fell to 423.15 per dollar this week on the spot market, quoted by importers and foreign investors.
It was quoted at 381 naira on the official market, a level set in July and backed by the central bank. The currency sold at 478 naira on the black market on Thursday.
Dollar scarcity hit Nigeria after last year’s oil price crash slashed government revenues, piling pressure on the currency and funnelling demand to the black market.