Naira Might Drop Below 253/$ Ahead of Likely U.S. Rate Hike – Nigeria Bulletin

 Nigeria – According to a report from Reuters, most African currencies are likely to take a hit on the expected U.S. Federal Reserve rate hike.

The naira weakened further in the parallel market on Thursday, trading at 253 to the dollar versus 246 last week. The currency traded at 198.97 to the dollar on the interbank market, near a rate at which it has been pegged since February.

The naira had weakened on the unofficial market on Wednesday on reduced dollar supply to the foreign exchange bureau operators due to lack of the relevant documentation.

Aminu Gwadabe, president of Nigeria’s bureau de change association, says its in contact with the central bank to resolve the situation.