According to Reuters:
The Nigerian naira hit its
strongest level in more than six weeks against the U.S dollar on
the interbank market on Wednesday.
Traders said the naira was supported by dollar flows from
offshore investors in local debt and sales by two energy
companies,
The naira closed at 157.35 to the dollar, compared with
157.75 at Tuesday's close. The naira has not been this strong
since Feb. 20 when it closed at 157.38 to the dollar.
Traders said some units of foreign banks sold dollars to
enable them to buy local debt at a Treasury bill auction on
Wednesday.
Nigeria auctioned 183.65 billion naira worth of treasury
bills with maturities ranging from three months to one year at
its twice-monthly auction on Wednesday. The result is expected
on Thursday.
Traders said units of China's Addax Petroleum sold $10
million and Italy's Eni $2 million, which further
buoyed supply and provided support for the naira.
At the official foreign exchange window, the central bank
sold $300 million at 155.75 naira to the dollar, compared with
$300 million sold at 155.74 to the dollar at the last auction on
Monday.
"We see the naira trading within the 157.30-157.60 band for
the rest of the week because of the prevailing dollar liquidity
in the market," one dealer said.
(Reporting by Oludare Mayowa; editing by Stephen Nisbet)
No comments:
Post a Comment