Naira flat at CBN auction, interbank

By Laz IBEABUCHI
LAGOS-Naira  was unchanged against the U.S dollar on Wednesday after the central bank increased dollar supply at the bi-weekly foreign exchange auction.
The naira closed at 157.65 against the dollar on the interbank market, the same rate as the previous day.
“Trading was quiet today, as there was no major activity that could upset the market,” one dealer said.
Traders said anticipated dollar sales by oil giant, NNPC failed to materialise, but dollar liquidity in the market was able to meet demand from customers.
At the bi-weekly auction, the central bank sold $150 million at 155.90 to the dollar, compared with $100 million sold at 155.90 to the dollar at Monday’s auction.
“We have more than $200 million inflows this week alone from energy companies, this is enough to keep the market stable,” another dealer said.
Dealers said they expect the naira will continue to hover around 157.50-157.85 for the rest of the week

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