Naira under pressure after fuel price hike


EXPERTS say the Naira will likely
weaken against the dollar next
week after the federal government
increased fuel pump price by 67
The situation, they said may arise
due to the expected pressure on the
Naira the fuel importers would exert
on the currency in their bid to get the
desired amount for importation of
refined petroleum products.
Already, the currency weakened
to N324 to the dollar at the parallel
market yesterday, down 1.25 percent
compared to last week’s close, while
trading at N199.40 to the dollar on
the official interbank market, around
the N197 official peg rate.
“There is dollar scarcity right now
in the market, even at N324 you can’t
find dollar to buy,” one trader told
Traders said expected pressure
from fuel importers could further
push down the naira value in the
coming days.

The post Naira under pressure after fuel price hike appeared first on Nigerian News on the go from Nigerian Pilot Newspaper.

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Source:: Nigerian Pilot