Naira firms slightly on expected dollar sale

The naira firmed slightly against the U.S. currency on Tuesday, lifted by expectations of month-end dollar sales from some oil companies and offshore investors participating in local debt auctions.

The naira closed at N162.15  against the greenback on the interbank market, firmer than Thursday’s close of N162.30. Nigeria’s financial markets re-opened on Tuesday for trade after a two-day Easter bank holiday.

“Some banks are taking position in the naira,” one dealer said, adding that the local currency could trade between 161.90-162.20 naira this week on the expected dollar supply.

Nigeria plans to auction N200 billion ($1.2 billion) in treasury bills and bonds on Wednesday.