The Naira Firmed Against the U.S Dollar

The naira firmed against the U.S dollar on the interbank market today to its highest level in 18 days after the NNPC sold about $550 million to some banks. 

The naira closed at N160.95k to the dollar, firmer than N161.55k at thursday's close. Traders said the sudden increase in dollar liquidity in the market, owing to the currency sales by the NNPC.  

This provided support for the naira as those who won the bids were willing to sell to others at the interbank. Some traders said the naira will likely be trading within the range of N160.20k to N161.50k to the dollar on the interbank market as more energy companies are expected to sell dollars in the market.