Naira is expected to weaken further in the next week mainly due to fears of constrained supplies of dollars, Reuters report.

The naira hit a record low of 436 to the dollar on the parallel market on Thursday and is expected to depreciate further due to concerns about lack of dollars in the market.

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The foreign exchange reserves of Africa’s top crude producer were down to $24.83 billion by Sept. 19, its lowest level in more than three years.
The naira has performed poorly compared to Ghana cedi in the last six months.

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