Naira eases on strong dollar demand

The  naira opened weaker to the dollar on Monday, after liquidity for the greenback dried up, with dealers not able to fill demand orders.

The unit opened at 181.10 naira to the dollar, 0.6 percent weaker than its previous close and then quickly traded down to 182.25. Dealers expect the currency to weaken on Monday, given the level of demand, unless the central bank intervenes or oil companies sell dollars.