Nigeria's naira rises to 11-week high

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Nigerianaira1 Reuters. A man walks past a promotional banner showing a photograph of a pile of Nigerian naira along a road in Lagos in this file picture.

Lagos - Nigeria's naira currency firmed to its strongest in 11 weeks against the dollar on the interbank market, supported by dollar flows from offshore investors buying of local debt and dollar sales by state-energy company, NNPC.

The local currency firmed to 161.35 to the dollar at 12:56 SA time, the level last seen in January 24, when it closed at 160.30 to the dollar on the interbank market.

The currency closed at 162.90 to the dollar the previous day.

Nigeria sold 183.64 billion naira ($1.13 billion) worth of treasury bills with maturities ranging from three months to one year on Wednesday, amid renewed interest in the local debt by offshore investors.

The naira has stabilised since last month when the central bank further tightened liquidity to support the local currency, making Nigerian assets more attractive for offshore investors. - Reuters

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