The naira firmed against the dollar on the inter-bank market on Monday after the Central Bank of Nigeria CBN, said it will sell dollars on forward delivery from Monday in its bid to shore up the domestic currency’s value.
The naira strengthened 0.69 per cent to N163.70 to the dollar, up from its N164.85 close on Friday. Traders said a unit of Chevron sold $42.2 million to some banks, which also provided support for the local currency. The CBN has continued to sell dollars onto the market to support the local currency, which came under pressure following the suspension of its governor two weeks ago.
