Time To Buy At The Interbank? Naira Appreciates to 7 Weeks High Against The Dolllar

Summer is here already and most people are already making plans for their holidays. This makes news about the forex rates a bit comforting if you are planning on traveling or probably abroad on holiday and hoping to spend your debit card. As Reuters reports

Nigerian naira firmed to a 7-week high on Tuesday, after the local unit of ExxonMobil sold $50 million to some lenders and offshore funds bought the local currency to participate in a debt auction, dealer said.

The local unit closed at N161.90, a level last seen on May 22, when it closed at 161.81. The naira was up 0.24 percent on Tuesday, compared with Monday’s close of 162.28.