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Naira officially dips to 132.88/$, drops on the black market

Posted by Reuters on 2005/06/16 | Views: 310 |

Naira officially dips to 132.88/$, drops on the black market


The Nigerian naira lost further ground to the greenback on Tuesday at 132.88 from 132.86 per dollar after demand surged to an all-time high of $190.09 million, bankers said.

The Nigerian naira lost further ground to the greenback on Tuesday at 132.88 from 132.86 per dollar after demand surged to an all-time high of $190.09 million, bankers said.

Bankers said demand for the dollar at the twice-weekly foreign exchange auction rose from $178.49 million last Thursday due to strong corporate bids.

The central bank sold only $128.10 million, a little higher than the $123.19 million last Thursday.

The naira also slipped on the interbank market, trading at 134.70 from 133 per dollar last week, dealers said.

On the black market, the naira fell to 141 from 140.50 a dollar at the previous auction.

2005 Reuters

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.