Naira firms to N157.25 against the Dollar

The Naira firmed to more than a three and half month high of N157:25 kobo against the US dollar on the interbank market and official window today, supported by dollar sales from offshore investors.
The Central Bank of Nigeria sold $200 million at N155:80 kobo to the dollar.
There were large dollar inflows from offshore investors participating at the bond auction on Wednesday, which boosted dollar liquidity as many banks sold their dollar positions to stay within their net open position limit.
The local currency has gained 1.84 per cent this year, from N160:20 kobo to the dollar on January 3.
Meanwhile the cost of lending among banks at the interbank market closed marginally higher across board.
Call money closed at 18.2 per cent from 18.1 per cent previously, while the 365-day credit climbed over 3 per cent to 22.6 per cent.
The secured open buy back rates for the bank and discount houses rose 1 per cent to close at 16.6 per cent average.
At the interbank foreign exchange market the Naira came under pressure on strong demand for the dollar.
The local currency closed at N158:75 kobo to the greenback, after hitting a three month high of N157:80 kobo previously.