Naira To Steady On Dollar Sales Next Week

Traders expect Nigeria’s naira, which has hit a record low of 187 to the dollar, to steady next week, anticipating dollar sales by the state-owned oil company.

The economy’s vulnerability to falling world oil prices prompted the central bank to devalue the naira by 8 percent and raise interest rates sharply last week.

“We are expecting large dollar sale from NNPC next week and some of the oil companies to boost dollar liquidity in the market and further calm the market,” another dealer said.

The naira closed at 180.10 to the dollar on the interbank market on Thursday, weakening from 177.40 last week.

Dealers said sustained central bank dollar sales have helped calm the market.