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HomeTop NewsNigeria naira up 0.46 pct, foreign funds eye T.bills

Nigeria naira up 0.46 pct, foreign funds eye T.bills

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Nigeria’s naira <NGN=D1> firmed 0.46 percent against the U.S. currency on Wednesday lifted by dollar supply from offshore investors participating at a treasury bill auction, dealers said.
The local unit closed at 162.35 naira to the dollar, stronger than Tuesday’s close of 163.10 naira.
Nigeria offered 121.2 billion naira ($743.1 mln) worth of treasury bills with maturities ranging between three months and one year at an auction on Wednesday. The auction result is expected on Thursday.
Dealers said elevated dollar flows at the interbank foreign exchange market on Wednesday showed significant offshore participation at the auction, supporting an appreciation of the naira.
The naira has been weakening on strong dollar demand from investors repatriating dividends back home. But dealers expect month-end dollar flows from oil companies to provide further support for the naira.

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