Naira Firms Up on Interbank Market
The Nigerian Naira gained as much as 0.1% on the interbank market today as speculation was rife that oil majors sold dollars to the market.
The Naira had fallen after the auction last week as increasing demand for dollar was thought to have no supply even as oil majors were expected to have exhausted their market sales as November came to a halt.
The CBN met dollar demand of $200 Million at its official Dutch auction last week, however the apex bank was short $29 Million today, even as it sold $200 Million, against a demand of $229 Million.
The official rate depreciated by 0.1% to N 156.50.
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