Naira Firms Against Dollar Slightly

The naira firmed slightly against the dollar on the interbank market, amid expectations Nigerian National Petroleum Corporation (NNPC) would sell dollars soon, after earlier dollar sales by some local oil companies.

The local currency closed at 162.45 to the dollar, slightly firmer than the 162.50 it had closed at the day before.

According to Trader, Nigeria Liquefied Natural Gas sold an undisclosed amount of dollars and a unit of Addax sold $12 million on Tuesday, providing support for the naira.

“There is a general expectation that the NNPC will likely come to the market this week and many banks are going short on dollar,” one dealer said.

Traders said the naira is seen gaining further value whenever the NNPC dollars hit the market, which may be before Friday.


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