Naira gains 0.8% on CBN dollar sale

The naira closed firmer on the interbank market on Monday after the Central Bank of Nigeria sold dollars to some commercial banks towards the end of a trading session that featured no trades in the first four hours, traders said.

The naira closed at 305.50 to the dollar, 0.81 per cent firmer than its Friday close.

Traders said the CBN selectively sold dollars to commercial banks just before the market close, Reuters reported.

“The central bank came to the market toward the close, and sold dollars to only few banks, which helped to support the naira,” a trader said.

The CBN has been selling dollars to boost liquidity and support the naira.