LAGOS (Reuters) - Nigeria's naira currency fell further against the U.S dollar on the interbank market on Wednesday as strong dollar demand from importers and investors repatriating dividends back to their home countries outpaced supply.
The naira closed at 158.40 to the dollar on the interbank market, weaker than the 158.20 it closed at the previous day.
Traders said despite the sale of about $28 million by unit of Chevron, increased demand pushed the naira down further.
On the official window, the central bank sold $266 million dollars at 155.75 to the dollar, compared with 232.48 million sold at the same rate on Monday.
"As long as there is no substantial dollar flow from oil companies and offshore investors, the naira will continue to depreciate in the near term," one dealer said.
Source: http://news.yahoo.com/nigerian-naira-eases-dollar-shortage-continues-141209795--sector.html
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