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| CBN Ag. Governor, Alade |
Nigeria's naira strengthened against the U.S. dollar on Tuesday, lifted by expectations of month-end dollar sales from some oil companies and offshore investors participating in local debt auctions.
The local unit closed at 162.15 naira against the greenback on the interbank market, firmer than Thursday's close of 162.30 naira.
Nigeria's financial markets re-opened on Tuesday for trade after a two-day Easter bank holiday.
"Some banks are taking position in the naira," one dealer said, adding that the local currency could trade between 161.90-162.20 naira this week on the expected dollar supply.
Nigeria plans to auction 200 billion naira ($1.2 billion) in treasury bills and bonds on Wednesday.
"We expect any spike in the Naira to be capped at under 163, as oil companies start their usual month-end sales towards the end of this week," Citibank Nigeria wrote in its newsletter to clients.
The bank said inflows from foreign portfolio investors bidding at the Treasury bills and bonds auctions this week should also support the naira.
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