Naira Gains N11 in Official Market, Hits Near Month High Mid Week
By Aboki Forex —
The naira strengthened in the official foreign exchange market last week, closing at N1,362.21 per dollar. This represents an improvement of N11.04 from the previous week’s close of N1,373.25.
Mid week, the local currency briefly rallied to N1,357.26 per dollar. That was its strongest level in nearly a month. The rally was driven by offshore supply from the Open Market Operation (OMO) auction. That supply outweighed domestic demand for dollars.