Naira weakens against major African currencies

On Tuesday, the South African Rand, Ghanaian Cedi, Egyptian pounds and Kenyan Shilling all climbed against the Nigerian Naira. Data from Google finance provided by Reuters showed Naira fell to the South African Rand by 0.13 percent to close at N30.40 from N30.36 it opened the week on Monday. Similarly, one Ghana cedi rose from N70.53 when trade began on Monday to N70.79 on Tuesday. In fact, according to abokifx data, one Ghana cedi was swapped at N95 on the parallel market yesterday. Egyptian pounds also gained against the Naira by 0.92 percent to close at N26.25 on Tuesday from N26.01 it closed on Monday. Naira also weakened against the Kenyan shillings in value by 0.79 percent to close Tuesday trade at N3.82 from N3.79 on Tuesday.