Nigeria naira gains as state oil firm sells dollars
2010-03-02 11:00 (UTC)
LAGOS, March 2 (Reuters) - The Nigerian naira strengthened against the U.S dollar on the interbank market after the state-run oil firm NNPC said it would sell the greenback to selected banks, traders said on Tuesday.
The naira had also appreciated at the central bank's foreign exchange auction on Monday when the bank sold $176.63 million at 148.41 naira to the dollar compared to the $250 million it sold at 148.61 naira a dollar on Thursday.
Dealers said the lower-than-expected demand for dollars spurred the naira's gain at the central bank auction as the regulator had initially offered $250 million on Monday.
On the interbank market, the naira was trading at 150.20 a dollar, up from the 150.45 a dollar at which it closed on Monday.
'NNPC is in the market selling about $150 million to selected banks and this is causing further revaluation of the naira in the market,' one dealer said.
The state-run energy firm sold about $300 million to some banks last week, which helped stabilise the naira, while the fresh sales on Tuesday could further strengthen the local currency before the regulator's next forex auction on Wednesday.
2010-03-02 11:00 (UTC)
LAGOS, March 2 (Reuters) - The Nigerian naira strengthened against the U.S dollar on the interbank market after the state-run oil firm NNPC said it would sell the greenback to selected banks, traders said on Tuesday.
The naira had also appreciated at the central bank's foreign exchange auction on Monday when the bank sold $176.63 million at 148.41 naira to the dollar compared to the $250 million it sold at 148.61 naira a dollar on Thursday.
Dealers said the lower-than-expected demand for dollars spurred the naira's gain at the central bank auction as the regulator had initially offered $250 million on Monday.
On the interbank market, the naira was trading at 150.20 a dollar, up from the 150.45 a dollar at which it closed on Monday.
'NNPC is in the market selling about $150 million to selected banks and this is causing further revaluation of the naira in the market,' one dealer said.
The state-run energy firm sold about $300 million to some banks last week, which helped stabilise the naira, while the fresh sales on Tuesday could further strengthen the local currency before the regulator's next forex auction on Wednesday.