The
naira rose against the dollar on Monday, after some offshore funds
bought the local currency to participate in the debt market in Africa’s
biggest economy, dealers said.
Dealers said the Nigerian units of some
foreign banks sold the hard currency on Monday, to be able to
participate in the bond market on behalf of their offshore clients,
boosting support for the naira.
The naira eased against the dollar last
week after some importers brought forward their obligation to tap into
the month-end liquidity boost provided by oil companies selling the
greenback to meet their local obligations, dealers said.
According to Reuters, Dealers are
waiting for the Nigerian National Petroleum Corporation, which accounts
for bulk of the dollars traded on the interbank market, to sell dollars
soon.
