The Nigerian naira weakened slightly against the US dollar on Friday as demand for foreign currency became stronger than the available supply.
Market data showed that the naira traded between N1,363 and N1,370 per dollar during the day. This happened despite earlier improvements in foreign exchange liquidity.
Experts said the pressure on the naira was mainly caused by foreign investors selling their shares in the Nigerian stock market and converting their money into dollars to take it out of the country.
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Many foreign investors sold stocks that had gained value recently, leading to higher demand for dollars and putting pressure on the local currency.
Data from the Central Bank of Nigeria (CBN) showed that some transactions were completed at rates as high as N1,374 per dollar.
Earlier in the trading session, the naira had strengthened to N1,356 per dollar due to increased inflows from foreign investors, exporters, and corporate
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