NNPC Dollar Sale Strengthens Naira Value

The naira advanced slightly against the United States dollar due to the sale of the greenback by the Nigerian National Petroleum Corporation (NNPC) yesterday.

According to the Financial Market Dealers Association, the naira leapt by 69 kobo to close at ₦161.1 to a dollar on the interbank market, slightly above the ₦161.80 to a dollar it closed on Tuesday.

The market received a liquidity boost from the sales of about $350 million by the NNPC, this helped the naira to gain value.