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Nigerian Naira Pares First Monthly Advance in 3 on Oil

Oct. 31 (Bloomberg) -- The naira declined, paring its fourth monthly gain, as importers demanded dollars after the central bank sold the lowest amount of the U.S. currency in five weeks.

The currency of Africa’s biggest oil producer slipped less than 0.1 percent to 157.06 a dollar as of 4:48 p.m. in Lagos, the commercial capital. That trimmed its monthly advance to 0.1 percent, according to data compiled by Bloomberg.

The Central Bank of Nigeria sold $50 million at an auction today, bringing its sales this week to $93.5 million, the least in five weeks, according to data on the Abuja-based bank’s website.

“Dollar demand, which was low at the last central bank auction is seen rising today as supply is drying and the oil industry sold only about $50 million yesterday,” Tunde Ladipo, chief executive officer of Lagos-based Valuechain Investment Ltd., said by phone from Lagos. “Today’s central bank supply is not enough to meet demand.”

The yield on Nigeria’s $500 million of Eurobonds due January 2021 declined four basis points to 4.535 percent. The yield on the 16.39 percent naira debt due 2022 fell one basis point to 13.32 percent, according to yesterday’s prices on the website of the Lagos-based Financial Markets Dealers Association.

Ghana’s cedi slipped for a second day, weakening 0.5 percent to 1.8904 a dollar in Accra, the capital.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net;

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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