Naira Makes a Rise

Nigeria’s naira rallied to its strongest level in more than six weeks against the dollar after oil companies in Africa’s biggest crude producer sold the U.S. currency, boosting supply.

The naira appreciated a second day, gaining 0.6 percent to 159.65 per dollar; the highest on a closing basis since June 24. The move was the biggest gain today among 24 African currencies.
Oil companies, which sell the U.S. currency mainly at the month’s end to meet domestic expenses, are the second-biggest supplier of dollars after the Central Bank of Nigeria, which sold $598 million this week; a little change from the $600 million in the previous five days.

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