BLBG:Nigerian Naira Declines To Lowest In Week Against The Dollar
Nigeria’s naira headed for its lowest level in a week as dollar demand increased after the end of public holidays.
The currency of Africa’s biggest oil producer fell 0.3% to 158.23 per dollar as of 10:25 a.m. in Lagos, its lowest on a closing basis since Aug. 14, according to data compiled by Bloomberg.
“We are expecting higher dollar demand after the Eid el Fitr holiday as no sales were made during the period,” Usman Onoja, chief executive of Lagos-based Lovonus Bureau De Change Ltd., said by phone today.
Yields on the West African country’s $500 million Eurobonds due 2021 fell one basis point to 4.944 percent. Borrowing costs on the nation’s 16 percent domestic debt due 2019 fell 33 basis points to 15.55 percent according to Aug. 17 prices on the Financial Markets Dealers Association website.
Ghana’s cedi appreciated less than 0.1 percent to 1.9408 a dollar in Accra.
To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net
To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net
