The naira yesterday eased against the dollar on the interbank market as importers started to lock-in their hard currency needs at favourable rates.
Bloomberg report said the naira closed at N160.35 to the dollar compared with Tuesday's close of N159.8. Traders said some importers took advantage of the increased dollar liquidity to buy more hard currency at favourable prices, exerting pressure on the naira.
The naira firmed to its strongest in two weeks on Tuesday, sustained by ample dollar sales by multinational oil companies. Dollar liquidity is gradually thinning out due to buying pressure from importers, dealers said, as no additional dollar inflow came into the system yesterday.
Traders expect the naira to trade within the band of N160 to N160.6 this week, unless additional dollar inflows come into the system and support the local unit.
