Nigeria's Naira Falls to New Low Against Dollar

The Nigerian Naira has continued to weaken against major currencies in the official Foreign Exchange (FX) market, according to data released on August 6.

The currency slipped by 0.17% to N1,364.88 per dollar from N1,362.55 per dollar the previous day at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Against the Pound Sterling, the Naira fell by 71 kobo to trade at N1,838.09, while it gained 45 kobo against the Euro to close at N1,574.80.

Traders expect the Naira to hold steady due to dollar sales by the Central Bank of Nigeria (CBN), which will help ease demand pressure in the market.