The nation’s currency, the naira, yesterday firmed significantly against the dollar gaining 775 kobo at the inter-bank market to close at N157.3250/$ as against N158.1000/$ on Friday, data from the Financial Markets Dealers (FMDA) has stated.
Sewa Wusu, head of research, Sterling Capital, attributed the improvement in naira to forex sales by oil companies, which helped to boost liquidity and support the naira.
“We expect the NNPC to also sell forex in the week. Also, foreign inflows to take advantage of Treasury Bills auction in the week will provide additional cushion to strengthen the naira”, he said.
Meanwhile, the local currency yesterday remained stable at the bureau de change and parallel markets closing at N158.5000/$ and N159.0000/$, respectively.