Nigerian naira extends spot losses on dollar scarcity

ABUJA: The Nigerian naira weakened by 0.57% to 403.29 per dollar on the over-the-counter spot market on Thursday, extending losses against the US currency as the local market struggled with a scarcity of foreign exchange.

The Nigerian currency has been weakening on the spot market, widely quoted by foreign investors and exporters, since February because of dollar shortages. The naira has also eased on the derivatives market.