Tuesday, September 1, 2009

Nigerian naira firms in interbank on NNPC dlr sales

Dealers said the state oil firm on Tuesday called for bids from selected banks for an unspecified amount of dollars, but estimated the figure at over $200 million.
"The market perceived that once the NNPC sells dollars, the naira rate will gain further, so everybody is adjusting their prices accordingly," one dealer said.
Dealers said NNPC usually sold dollars at around the central bank's exchange rate. The central bank sold $300 million at 150.46 naira to the dollar at its most recent auction on Monday, not far off the $338 million demanded.
"Panic buying has reduced, confidence is coming back to the market because the central bank has closed up the gap between demand and dollar supply at its auction," another dealer said.
The naira initially weakened sharply against

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