The naira on Wednesday dropped slightly in value against the dollar across segments of the foreign exchange (FX) due to demand pressure by the end users.
Consequently, naira on Wednesday weakened by N1 or 0.45 percent each at the Bureau de Change (BDC) segment of the FX and the parallel market.
After trading on the same day, the local currency closed at N225/$ compared with N224/$ traded the previous day at the BDC segment. It also closed at N226/$ as against N225/$ the previous day at the parallel market.
At the interbank market, it depreciated slightly by N0.07k/$ or 0.04 percent to N226/$ on Wednesday from N225/$ the previous day, data from FMDQ revealed.
On Tuesday, it weakened 0.5 percent against the dollar in the inter-bank and -7.5 percent Year-To-Date. Analysts at Ecobank Nigeria Limited explains in a report that the naira short-term outlook is weak due to impact arising from sustained low oil prices, low level of FX reserves and large level of unmet dollar demand.
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