Naira Closes High Against US Dollar

The naira closed high to N162.65 against the US dollar on Wednesday after the Central Bank of Nigeria (CBN) sold the dollar directly to lenders to prop up the local currency.
The naira closed 0.76 percent firmer after two weeks of poor showing against major international currencies, and a level last seen on September 9, compared with Tuesday’s close of N163.90 to the dollar.
The dealers on the Nigerian market attributed the high performance of the naira to the sale of an undisclosed amount of dollars to the interbank market.
In addition, currency traders said Italy’s Eni sold $18 million on Wednesday while France’s Total sold $128 million on Tuesday as part of their month-end dollar sales, which helped lift the naira.
The Nigerian currency has been falling for the past two weeks due mainly to the impact of the decline in global oil prices and low offshore inflows into the debt and equity markets.

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