Nigeria’s naira fell to a fresh low against the dollar, shrugging off on a surprise interest-rate increase amid ongoing local scarcity of the US currency.
The naira slipped to 1,677 per dollar at the official close on Wednesday, according to FMDQ data complied by Bloomberg, taking its losses since the end of last week to 8.2%. The decline reflects dwindling foreign capital inflows into the West African nation as investors wait for concrete evidence the government will deliver on ambitious fiscal reforms to boost revenue collection and pump more oil.