Naira gains 0.8% after CBN Dollar Sales

Naira closed firmer on the interbank market on Monday after the central bank sold dollars to some commercial lenders towards the end of a session that featured no trades in the first four hours, traders said.

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

Traders said the central bank selectively sold dollars to commercial lenders just before the market close.

"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 told Reuters.

The central bank has been selling dollars almost daily to boost liquidity and support the naira.

myfinancialintelligence.com