Naira Gains 0.11% as Lenders Sell Dollars

The naira gained 0.11 percent against the U.S. currency on the inter-bank market yesterday, supported by inflows from lenders selling Dollars to stay within a regulatory limit for holding hard currencies, dealers said.
The unit closed at N161.90 to the Dollar, up from N162.07 it closed on Friday. The Naira eased to a five-week low against the greenback two weeks ago but recovered some ground last week after Dollar sales by some oil companies, including state-owned energy firm, Nigerian National Petroleum Corporation (NNPC). Dealers expect some oil companies to supply Dollars this week, meaning that the Naira may see further support.

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