Nigeria: Naira Appreciates On Month-End Dollar Sale Speculation

27 November 2012

The naira strengthened at the interbank market yesterday as the Central Bank of Nigeria sold dollars at an auction and amid speculation that oil-producing companies would begin month-end dollar sales.

The currency climbed 0.1 per cent to 157.55 to a dollar after weakening by 0.1 per cent last week Friday as the CBN sold $200 million at its auction. The naira, according to Bloomberg has appreciated by three per cent this year, the second-best performing currency in Africa.

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