The Nigerian naira strengthened further against the U.S dollar on both the interbank market and official forex window on Wednesday.This new development is supported by dollar inflows from oil company sales and offshore interest in treasury bills.
The Naira closed at 157.45 to the dollar at the interbank, firmer than the 157.60 to the dollar it had reached on Tuesday, as more dollar inflows boosted liquidity in the system and outweighed dollar demand from importers.Traders said Addax oil sold about $9 million to some banks, while inflows from offshore investors into treasury bills further boosted dollar supply to maintain the Naira rally. The local currency has gained around 2.47 percent against the U.S dollar this month on the interbank market.
On the bi-weekly forex auction, the central bank sold $113.53 million at 155.90 naira to the dollar, compared with $145.27 million sold at 156.10 naira to the dollar at the previous auction on Monday. For the second time in a row, the regulator sold fewer dollars than it initially offered.
