Naira sheds 1.64% against dollar

The naira shed 1.64 percent to close at N189.10 against the greenback on Thursday, despite dollar sales by the Central Bank of Nigeria (CBN) and oil companies.

The naira traded at around N191 on Thursday, prompting the CBN to intervene, which helped lift it to N185.20. But it then finished weaker compared with its close of N186 on Wednesday after demand surged.

One dealer traded the naira at a one-off rate of N194.10 during the midday session.

Dealers said Royal Dutch Shell had sold an undisclosed amount of dollars on Thursday, adding that liquidity from state oil company NNPC’s $350 million sale on Wednesday was still in the market.

Reuters

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