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Nigeria’s Naira Moves Between Gains and Losses Against Dollar

By on March 2, 2012

The naira moved between gains and losses against the dollar on the interbank market.

The currency of Africa’s biggest oil producer weakened less than 0.1 percent to 157.665 per dollar as of 1:20 p.m., according to data compiled by Bloomberg. The naira strengthened as much as 0.8 percent to 156.4 in Lagos, the commercial capital

The surge in inflation in January to 12.6 percent from 10.3 percent in December was in line with policy makers’ expectations and doesn’t require an interest rate response, Nigerian central bank Governor Lamido Sanusi said Feb. 28.

Ghana’s cedi strengthened 0.1 percent to 1.7009 per dollar as of 12:20 p.m. in Accra, the capital.