The world’s best performing currency in April is taking a breather from a month-long rally as a stronger dollar sends chills down the spines of emerging markets from Nigeria to Indonesia.
The naira fell for the second straight day at the official and parallel markets on Monday, with banks selling a dollar for N1,234 compared to N1,169 on Friday while the currency traded at N1,270 per US dollar in street trading, weaker than N1,230 per dollar Friday.
The halt in the naira’s hot rally has coincided with a strengthening US dollar.
The US dollar index, which measures the currency’s strength against six of its peers, closed Monday at 106.19, around its highest level since early November, according to Bloomberg data.
