Naira firms against the dol­lar

Daily Trust - - REUTERS -

Nigeria’s naira firmed against the dol­lar yes­ter­day as Chevron’s lo­cal unit sold the U.S. cur­rency and off­shore funds bought lo­cal debt, deal­ers said.

The naira was trad­ing 0.34 per­cent higher at 161.60 naira to the dol­lar at 1116 GMT, from Tues­day’s close of 162.15 naira.

Deal­ers said the lo­cal unit of U.S. oil firm Chevron sold about $18 mil­lion to banks, while off­shore in­vestors par­tic­i­pat­ing in a debt auc­tion on Wed­nes­day sold an undis­closed amount of dol­lars.

Nigeria was due to auc­tion 200 bil­lion naira ($1.2 bil­lion) in trea­sury bills and bonds on Wed­nes­day.

Off­shore funds have re­newed their ap­petite for Nige­rian as­sets, deal­ers say, af­ter the West African coun­try re­based its GDP, over­tak­ing South Africa as the con­ti­nent’s big­gest econ­omy and mak­ing it a more at­trac­tive des­ti­na­tion for in­vestors.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.