Market News
Naira’s Poise Disrupted by Oil Prices After Months of Stability - BLOOMBERG
By Emele Onu
Nigeria’s naira slipped against the dollar after softer oil prices and lower local money market rates disrupted its recent stability.
The unit weakened almost 4% last week to 1,552 naira per dollar before recovering on Monday to around 1,538 at 2:45 p.m. in Lagos, with analysts expecting the Central Bank of Nigeria to provide support.
Nigeria is Africa’s largest oil producer and crude sales provide most of its foreign currency earnings. Oil prices are around 15% lower than their mid-January peak.