The naira firmed against the U.S dollar on both the interbank market and official window yesterday, after a unit of France Total sold about $120 million to some lenders, boosting dollar liquidity.
Traders said the naira closed at N157.20 to the dollar at the interbank market, its highest level in a week and firmer than the N157.35 per dollar it closed on Tuesday.
“The sales of $120 million by Total Oil raised dollar liquidity level in the market and provided support for the naira,” one dealer said.
The naira has hovered around N157.10-N157.90 in the past four weeks on large inflows of dollars from state-owned energy company NNPC and other units of multinational oil firms.
“Though we are within the month-end cycle, the market seems comfortable at the present level and we expect the naira to be more stable in the coming days,” another dealer said.