Lagos -The naira weakened against the dollar in the interbank market on Wednesday. It closed at 158.95 to the dollar compared with 158.75 a dollar on Tuesday.
The loss was as a result of the fewer volume of greenbacks supplied to the market, reports ThisDay.
The shortfall followed ExxonMobil’s inability to offer the $100 million it initially promised to sell. The company only offered $50million.
Banks started buying back dollars to cover their positions when they discovered that there was going to be a shortfall in the amount the oil company will be offering to sell.
Energy companies operating in Nigeria sell dollars to banks on a monthly cycle to get naira for their domestic obligations.
Read more at ThisDay