Nigeria’s naira fell against the dollar after offshore investors took profit amid a downtrend in local market rates and lower oil prices.
The naira weakened almost 4% last week to 1,552 naira per dollar before recovering on Monday to around 1,538 at 2:45 p.m. in Lagos, with analysts expecting the Central Bank of Nigeria to provide support.
The central bank sold one-year open market operation bills at 19.45% at a March 6 auction, 200 basis points lower than the previous month.
Nigeria is Africa’s largest oil producer and crude sales provide most of its foreign currency earnings. Oil prices are around 15% lower than their mid-January peak.
The naira’s move was the first sharp reversal since early December, when the currency stabilized after months of swings following currency reforms in 2023 relaxing its dollar peg.
Nigeria’s foreign exchange reserves have declined somewhat since an early January peak of around $41 billion and stood at $38.35 billion on March 6.
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