• Saturday, July 20, 2024
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BusinessDay

Naira rises to strongest in 11 weeks

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The naira firmed to its strongest in 11 weeks against the dollar on the interbank market, supported by dollar flows from offshore investors buying of local debt and dollar sales by Nigerian National Petroleum Corporation (NNPC).

The local currency firmed to N161.35 to the dollar at 1056 GMT, the level last seen in January 24, when it closed at N160.30 to the dollar on the interbank market. The currency closed at N162.90 to the dollar the previous day.

Nigeria sold N183.64 billion ($1.13 billion)worth of treasury bills with maturities ranging from three months to one year on Wednesday, amid renewed interest in the local debt by offshore investors.

The naira has stabilised since last month when the Central Bank of Nigeria (CBN) further tightened liquidity to support the local currency, making Nigerian assets more attractive for offshore investors.

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