Naira rises Against Dollar sales


Naira-and-dollar-notes-360x235Naira rises Against Dollar sales, The naira rose by 0.18 per cent against the dollar on the interbank market on Monday, supported by the greenback sales by a unit of Royal Dutch Shell to some lenders. The local currency closed at N162.40 to the dollar, firmer than the N162.70 it closed on Friday, the Reuters reported on Monday. Shell’s local unit sold an undisclosed amount of dollars to some lenders, boosting dollar liquidity and easing pressure on the local currency. The local currency had touched a five-week low against the dollar on Thursday, on renewed dollar demand after a recent rally on the local currency. Specifically, it closed at N162.70 to the greenback, a level last seen on July 2, and weaker than last Wednesday’s close of N161.75.But traders said on Monday that some importers had brought forward their obligations to take advantage of previous gains by the naira. Another dealer said if the Nigerian National Petroleum Corporation failed to sell dollar by Tuesday or Wednesday, the naira could lose some value again. SEE MORE ON PAGE2

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