(http://www.channelstv.com/home/wp-content/uploads/2013/04/Naira.jpg)The Naira reached the lowest in more than a month as investors were said to slow purchases of Nigerian bonds after oil prices weakened and output missed a forecast. (http://www.channelstv.com/home/wp-content/uploads/2013/04/Naira.jpg) (http://www.channelstv.com/home/wp-content/uploads/2013/04/Naira.jpg)The currency depreciated 0.3 percent to N159.35 per dollar on Friday the lowest on an intraday basis since March 18. The Naira has retreated 2 percent this year and is set for a third weekly decline. Nigeria depends on oil shipments for 80 percent of government revenue and 95 percent of its export income. Bonny light, one of its main grades, has slipped from this year's peak of $120.54 per barrel reached on February 8 to $105.51 on Friday. Last week the Nigerian National Petroleum Company (NNPC) said production fell below projections in the first quarter due to theft and pipeline sabotage. Output ranged from 2.1 million barrels a day to 2.3 million barrels, below an estimated 2.48 million barrels.
Via: ChannelsTV