Naira Snaps Five-Day Decline as Central Bank Said to Intervene
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Nigeria’s naira rose, halting a five-day decline, as the central bank was said to have sold dollars directly to the market outside of its regular currency auctions.
The currency of Africa’s biggest oil producer rose as much as 0.9 percent and traded 0.6 percent stronger at 158.65 per dollar by 3:06 p.m. in Lagos, the commercial capital, its biggest gain on a closing basis since Oct. 4. The naira has dropped 1.5 percent this year, according to data compiled by Bloomberg.