Currencies
Naira Gains as $876 Million Forex Auction Boosts Dollar Supply
The naira has come under recent pressure due to seasonal dollar demand.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
The naira strengthened slightly in the official market after the Central Bank of Nigeria sold dollars during a rare currency auction to boost domestic liquidity.
The Nigerian currency traded at 1,596 naira per dollar Wednesday from 1,601 the day before, according to FMDQ data compiled by Bloomberg. The central bank earlier said it had sold $876 million, filling bids from 26 lenders at 1,495 naira/dollar.