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Nigeria’s Naira Erases Declines After Foreign Currency Auction

May 7 (Bloomberg) -- Nigeria’s naira erased declines after the central bank’s currency auction today.

The currency of Africa’s biggest oil producer was unchanged at 157.3 per dollar by 4:02 p.m. in Lagos, the commercial capital. It depreciated as much as 0.9 percent earlier.

The Central Bank of Nigeria sold $120 million at a foreign-currency auction today, with lenders buying the entire amount on offer, the Abuja-based bank said in an e-mailed statement. Dollars were sold for between 155.71 naira and 155.87 naira each. The marginal rate, which is also used as the prevailing exchange rate, was 155.75, compared with 155.70 at the previous auction on May 2.

Nigeria depends on crude exports for more than 95 percent of its foreign income, with the central bank the main supplyier of foreign-currency to the market through twice-weekly auctions. Energy companies that pump Nigeria’s oil are the second-biggest suppliers to the market after the central bank.

Ghana’s cedi weakened, down 0.13 percent to 1.8650 per dollar in Accra, the capital.

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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