Naira strengthens against US dollar on $69m sale from Mobil

11:09 HOPE MOSES-ASHIKE

Naira yesterday appreciated by 0.2 kobo or 0.12 percent against the US dollar at interbank market closing at N157.20/$ as against N157.40/$ on Wednesday, data from Financial Markets Dealers Association (FMDA) has indicated.
Dealers attributed the improvement on inflow of $69 million sales from Mobil which try to cushion the demand for dollar.
Meanwhile, the local currency remained stable at the official, Bureau De Change and parallel markets closing at N155.74/$, N158.5000/$, and N159.0000/$, respectively.
The Central Bank of Nigeria (CBN) on Wednesday offered and sold $120 million to 13 Deposit Money Banks (DMBs) at the rate of N155.74/$.
On the other hand, liquidity improved yesterday as the Nigeria Interbank Offered Rates (NIBOR), ranging from midnight call to 365 days tenor went down by 15.61 percent.
Financial dealers had earlier predicted that rates are would moderate on the back of Tbills repayment on Thursday January 31, 2013.