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A Reuters survey of currency traders projected the naira will weaken against the dollar over the coming weekFuel importers are building inventories after securing import licences, driving up demand for US dollarsIPMAN revealed some imported petrol is selling at about N1,350 per litre, far above Dangote refinery prices
The Nigerian naira faces renewed depreciation pressure as fuel importers step up dollar purchases to finance petroleum imports, even as domestic refining output grows.
A Reuters survey of currency traders, released on Thursday, July 23, forecast that the naira would weaken against the US dollar over the next week, alongside the currencies of Ghana and Uganda.
IPMAN has warned that expensive fuel imports are hurting the naira Photo: aseSource: Getty Images
Traders cited rising demand for foreign exchange from petroleum importers who are building fuel inventories following the issuance of import licences.
The naira closed at N1,368 to the dollar in the official foreign exchange market
