Nigerian Naira fell to its weakest level in almost 10 months on the interbank market on Friday, driven down by strong demand for the dollar by offshore investors exiting the bond market and repatriating dividends, traders said.
Naira closed at N159.8 to the dollar on the interbank market, a level not seen since August 8, 2012 when it closed at N160.1 to the dollar.
It closed at 158.98 the previous day.
“Demand for the dollar is coming from some offshore investors who are exiting the bond market and some who are repatriating dividends from investments in the equity market,” one dealer said.
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