Nairaland Forum

Nigeria’s naira firmed against the U.S dollar on the interbank market on Monday, supported by ample dollar sales by two energy companies to some lenders.

The naira closed at 161.60 against the dollar on the interbank market, stronger than the 162.10 to the dollar it closed at on Friday.

Traders said units of Royal Dutch Shell and Nigerian Liquefied Natural Gas (NLNG) company sold unspecified amount of dollars to some lenders, which raised the level of dollar liquidity in the market and provided support for the naira.

“Apart from the dollar inflows from Shell and NLNG, speculations on planned dollar sales this week by the NNPC (state-owned energy company) also helped the market rally,” one dealer said.

NNPC supplies the bulk of dollars traded on the interbank market and comes to the market twice in a month.

Traders said the naira is seen strengthening further in the week if the NNPC finally come to the market with some other oil companies sales as well.

On the bi-weekly forex auction, the Central Bank sold $200 million at $155.87 to the dollar, compared with $180 million sold at the same rate last Wednesday.

The naira closed weaker last week due to resurgence of demand for the dollar from importers and a drop in dollar liquidity.

O.D.B.:
My sis and her entire family of 8 are in the U.S. now because of the summer hols.

Buy dollars during the xmass period, sell during summer. gain at least 20%.

works for me.

Pukkah: The way to shore up the exchange rate of the naira is to develop local production capacity and tackle infrastructural challenges in Nigeria so as to reduce the demand for dollars. In addition, the governments at all levels need to diversify revenue from non-oil sources.

miracle4: this is no good news all

binger: I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune

binger: I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune

tonyx4x44: Any time price of gala change inform me

Pukkah:

Your position is not correct. How is the naira firming up against the dollar good news for Nigerians who earn dollars?

alienware: isn't that the fact ? If it was @ 120 by the time u earn 10 dat translate to abt 1,200 naira. @ 162 u earn 1,620 naira ! Check out na.

Pukkah: The way to shore up the exchange rate of the naira is to develop local production capacity and tackle infrastructural challenges in Nigeria so as to reduce the demand for dollars. In addition, the governments at all levels need to diversify revenue from non-oil sources.

binger:

I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune