Respite as Naira Regains Sharply after NNPC $350m Sale

The Nigerian naira firmed sharply on Wednesday after state-oil company NNPC sold around $350 million to lenders, helping the currency recover from a record low against the dollar. The unit closed at 186 naira to the dollar, gaining 3.55 percent in volatile trade from Tuesday’s record low close of 192.10.The NNPC, which accounts for the […]

The Nigerian naira firmed sharply on Wednesday after state-oil company NNPC sold around $350 million to lenders, helping the currency recover from a record low against the dollar.

The unit closed at 186 naira to the dollar, gaining 3.55 percent in volatile trade from Tuesday’s record low close of 192.10.

The NNPC, which accounts for the bulk of hard currency traded on the interbank market, sells dollars every month to buy naira for its local operations.