Nigerian naira firms up vs dollar on central bank intervention

LAGOS, March 3 Mon Mar 3, 2014 8:19am EST

LAGOS, March 3 (Reuters) - Nigeria's naira firmed against the dollar on the interbank market on Monday after the central bank said it will sell dollars on forward delivery from Monday in its bid to shore up the domestic currency's value.

The naira strengthened 0.69 percent to 163.70 to the dollar, up from its 164.85 close on Friday. Traders said a unit of Chevron sold $42.2 million to some lenders, which also provided support for the local currency.

Nigeria's central bank has continued to sell dollars onto the market to support the ailing local currency, which came under pressure following the suspension of its governor two weeks ago.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.