The Nigerian naira
strengthened against the U.S dollar on the interbank market on Monday,
helped by increased dollar supply from the Central Bank at its
bi-weekly auction, traders said.
The naira firmed to
155.60 to the dollar from 155.85 on Friday after the Central Bank met
all demands at Monday’s bi-weekly auction.
The Central Bank
sold the $499.89 million demanded at 153.05 per dollar compared to $300
million sold at 153.39 to the dollar at previous auction on Wednesday.
“We expect the
naira to strengthen further in the coming days if we have inflows
coming from oil companies, foreign investors and specifically if the
Central Bank sustains its dollar supply to the market,” one dealer said.
