Naira sheds 1.1 pct on low dollar liquidity

The naira shed 1.1 percent in mid-morning trades on Wednesday, driven lower by low dollar liquidity amidst rising demand for the greenback, dealers said.

The naira, which opened at 190.30, quickly fell to 192.30 to the dollar by 1050 GMT. The unit closed at 189.15 naira the previous day.

Dealers said Italy’s ENI sold $24 million to some lenders to buy naira for its local operations, but it was insufficient to help quench dollar demand.