Naira fell to its weakest level in almost 10 months on the
interbank market on Friday, driven down by strong demand for the dollar by
offshore investors exiting the bond market and repatriating dividends, traders
said.
Naira closed at N159.8 to the dollar on the interbank market,
a level not seen since August 8, 2012 when it closed at N160.1 to the dollar.
It closed at 158.98 the previous day.
A dealer told e-biz247 that Demand for the dollar is coming
from some offshore investors who are exiting the bond market and some who are
repatriating dividends from investments in the equity market.
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