• Monday, July 15, 2024
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BusinessDay

Naira gains after CBN, Shell sell dollars

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The naira firmed 1. 5 percent on Monday, lifted by the Central Bank of Nigeria (CBN) intervention and dollar sales from multinational oil company Shell, dealers said.

The currency, which opened at 188.70 naira to the dollar, firmed to 185.60 by 1254 GMT, following the dollar sale.

The CBN asked commercial lenders to bid for $500,000, in a move to support the naira while Shell sold an undisclosed amount of dollars, dealers said.