The Naira traded flat against the U.S. dollar at the interbank market on Monday as oil firms’ greenback sales boosted liquidity in the market.
Dealers said liquidity from last week’s dollar sales by oil firms, including the Nigerian National Petroleum Corporation (NNPC), of around $500 million was currently in market, which was helping support the Naira.
At the auction, the Central Bank of Nigerian sold $350 million at N155.91 to the dollar, compared with $350 million it auctioned last Wednesday at N155.90.
“The market is pretty liquid this week, but rates may gradually trend back upwards if the liquidity dries up,” one dealer told Reuters.
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