Naira rises as offshore funds position for bonds
The naira rose against the dollar on Monday, after some offshore funds bought the local currency to participate in the debt market in Africa’s biggest economy, dealers said.
The local unit closed at N162.36 to the greenback, marginally firmer than Friday’s close of N162.40.
Dealers said the Nigerian units of some foreign banks sold the hard currency on Monday, to be able to participate in the bond market on behalf of their offshore clients, boosting support for the naira.
The naira eased against the dollar last week after some importers brought forward their obligation to tap into the month-end liquidity boost provided by oil companies selling the greenback to meet their local obligations, dealers said.
According to Reuters, Dealers are waiting for the Nigerian National Petroleum Corporation, which accounts for bulk of the dollars traded on the interbank market, to sell dollars soon.
[Punch]
Related Posts
-
FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen InclusivenessFCMB Bank (UK) Limited, an independently incorporated subsidiary of...
- August 1, 2018
-
The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First BankOn June 25, 2018 I woke up to yet...
- June 26, 2018
-
Azman Air commences flight operation in SokotoAzman Air Thursday commenced flight operation to Sokoto state....
- February 21, 2015
-
NRC increases Lagos goods trains, eyes fuel haulageThe Nigerian Railway Corporation says it has increased its...
- June 23, 2016
Nigeria News
- EPL: Amorim begins Man Utd stint with 1-1 draw at Ipswich
- Dozens killed in renewed sectarian violence in Pakistan
- 24 dead after boats capsize off Madagascar coast
- Teachers to boycott Oyo community school over attack on colleagues
- Be more transparent with yours data billings – NCC tells network providers