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.

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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