Lagos - The naira hit a four-month high against the dollar on Monday at the interbank market following the sale of excess dollars by Chevron and a weak demand for the greenback.
The naira was up 3 percent at N158.74 /dollar, coming back from a session best of N157.70, last seen on January 2., 2014, reports Leadership.
Analysts said the naira started gaining strength after Chevron offered about $74 million for sale at the interbank market.
Besides the Chevron’s offer, the likelihood that the Nigerian National Petroleum Corporation (NNPC) will also sell dollars during the week, further boosted support for the naira.
Read more at Leadership.
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