The naira reached the highest in more than five weeks after the Central Bank of Nigeria sold the most dollars in nine months at auctions this week.

The currency of Africa’s biggest crude producer gained for the first time this week, adding 0.2 percent to 157.40 per dollar by 3:06 p.m. in Lagos, the commercial capital, the highest since March 4, according to data compiled by Bloomberg.

The central bank sold $300 million at an auction today, bringing sales this week to $600 million, the most for the twice-weekly sales since July 4. The regulator sells the U.S. currency to keep the naira within a 3 percent band around 155 per dollar.

“The naira exchange rate reflected the boost in central bank supply this week,” Tunde Ladipo, the chief executive officer of Lagos-based Valuechain Investment Ltd., said by phone.

Nigeria’s Monetary Policy Committee kept its benchmark interest rate at a record high of 12 percent for a ninth consecutive meeting on March 19 to support the naira, which has depreciated 0.8 percent this year.

Borrowing costs on Nigeria’s $500 million of Eurobonds due January 2021 slid four basis points, or 0.04 percentage point, to 4.05 percent today. Yields on the country’s domestic debt due 2022 rose four basis points to 10.88 percent, according to yesterday’s prices on the Lagos-based Financial Markets Dealers Association website.

Ghana’s cedi gained 0.1 percent to 1.9419 per dollar in Accra, the capital.

Source: Bloomberg (by Emele Onu)