Exchange Rate: Naira Weakens to N490 against dollar

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With just a few days to Christmas, the value of the naira which began a decline at the weekend further weakened yesterday, selling at N490 to the dollar the highest in recent times even as the Central Bank of Nigeria plans to clear backlog of dollar obligations in a special currency auction.

Naira exchange rate
Naira Weakens to N490 against dollar

The naira which had stabilized at N485 to the dollar for weeks sold weaker at N487 last weekend before further declining to N490 yesterday.

The weakening of the local currency is due to rising demand for foreign exchange fueled by increased activities ahead of end of year festivities.

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