{"id":12062,"date":"2011-12-13T01:06:00","date_gmt":"2011-12-13T01:06:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/12\/naira-weakens-on-high-dollar-demand\/"},"modified":"2011-12-13T01:06:00","modified_gmt":"2011-12-13T01:06:00","slug":"naira-weakens-on-high-dollar-demand","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/12\/13\/naira-weakens-on-high-dollar-demand\/","title":{"rendered":"Naira weakens on high dollar demand"},"content":{"rendered":"

The naira weakened<\/span> against the United<\/span> states\u2019 dollar on the interbank market yesterday after the Central Bank of Nigeria (CBN) failed to meet all foreign exchange demand at its official auction.<\/span><\/p>\n

The local currency, according to Reuters News, closed at N162.25 to the dollar on the interbank, weaker than the N161.90 to the dollar on Friday.<\/span>
\u201cThere is a lot of demand in the market, though we ordinarily should be seen declining demand for the dollar as companies and other end-users wind down for the year. This is not so,\u201d one dealer said.<\/span><\/p>\n

On the official window, the CBN sold $200 million at N156.70 to the dollar, short of the $248.62 million demanded. The regulator sold $200 million at\u00a0 N156.70 to the dollar last Wednesday.<\/span><\/p>\n

\u201cThe naira actually appreciated towards the end of last week because of direct dollar sales by the central bank to some banks but we are not expecting any intervention in the market until middle week, so the naira could weaken further,\u201d another dealer said.<\/span>
Traders said the banking watchdog\u00a0 may close the official window for the year after Wednesday\u2019s auction, but the regulator could continue to sell dollars directly to banks to clear arrears of demand to help support market stability.<\/span><\/p>\n<\/p>\n

Continued here:
\nNaira weakens on high dollar demand<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The naira weakened against the United states\u2019 dollar on the interbank market yesterday after the Central Bank of Nigeria (CBN) failed to meet all foreign exchange demand at its official auction. The local currency, according to Reuters News, closed at N162.25 to the dollar on the interbank, weaker than the N161.90 to the dollar on Friday<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12062","post","type-post","status-publish","format-standard"],"yoast_head":"\nNaira weakens on high dollar demand - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/12\/13\/naira-weakens-on-high-dollar-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Naira weakens on high dollar demand - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"The naira weakened against the United states\u2019 dollar on the interbank market yesterday after the Central Bank of Nigeria (CBN) failed to meet all foreign exchange demand at its official auction. 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