Foreign investors seek to exit naira assets, demand $1.8bn

Foreign investors are seeking to exit naira assets, with traders putting a backlog of demand for dollars at between $1.5bn and $1.8bn.

Reuters reported on Thursday that the Central Bank of Nigeria had yet to sell dollars to the investors.

The naira, however, firmed on the over-the-counter spot and black markets this week after the CBN resumed dollar sales to help individuals with dollar expenses abroad and importers resume economic activities, following a phased easing of a coronavirus lockdown.

The naira was quoted at 386.93 per dollar on the spot market, mostly used by foreign investors and exporters.

The local currency is seen easing next week after the central bank weakened it on the futures market offered mostly to foreign investors, according to traders.