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| Adeola, CEO Standard Chartered |
Nigeria's naira strengthened to its strongest in four months against the U.S dollar on the interbank market on Monday, boosted by dollar sales by an energy company and weak demand for the greenback.
At 0955 GMT, the naira was trading at 158.88 to the dollar, a level last seen on Jan. 2 when the local currency closed at 158.70 to the dollar.
At 0955 GMT, the naira was trading at 158.88 to the dollar, a level last seen on Jan. 2 when the local currency closed at 158.70 to the dollar.
The local unit closed at 159.80 to the dollar on Friday.
Traders cited the sale by a unit of Chevron of about $74 million to some local banks on Monday, while expectations that state-owned energy company NNPC will sell dollars this week provided further support for the local unit.
"The naira gained because demand for the dollar is very weak, while the expectations that NNPC is seen selling dollar any moment from now, further boosted support for the naira," one dealer said.
Traders cited the sale by a unit of Chevron of about $74 million to some local banks on Monday, while expectations that state-owned energy company NNPC will sell dollars this week provided further support for the local unit.
"The naira gained because demand for the dollar is very weak, while the expectations that NNPC is seen selling dollar any moment from now, further boosted support for the naira," one dealer said.
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