The naira currency was unchanged against the United States dollar on Wednesday after the Central Bank of Nigeria increased dollar supply at the bi-weekly foreign exchange auction.

The naira closed at N157.65 against the dollar at the inter-bank market, the same rate as the previous day.

Reuters quoted a dealer as saying, “Trading was quiet today, as there was no major activity that could upset the market.”

Traders said anticipated dollar sales by the Nigerian National Petroleum Corporation failed to materialise, but dollar liquidity in the market was able to meet demand from customers.

At the bi-weekly auction, the CBN sold $150m at N155.90 to the dollar, compared with $100m sold at N155.90 to the dollar at Monday’s auction.

Another dealer was quoted as saying, “We have more than $200m inflows this week alone from energy companies, this is enough to keep the market stable.”

Dealers said they expected the naira would continue to hover around N157.50-N157.85 for the rest of the week.

Source: Punch