Nigeria’s Naira Tussles Gains, Losses Against Dollar

The naira moved between gains and losses against the dollar on the interbank market.

The currency of Africa’s biggest oil producer weakened less than 0.1 per cent to 157.665 per dollar as of 1:20 p.m according to data compiled by Bloomberg. The naira strengthened as much as 0.8 per cent to 156.4 in Lagos, the commercial capital.

The surge in inflation in January to 12.6 per cent from 10.3 per cent in December was in line with policy makers’ expectations and doesn’t require an interest rate response, Nigerian central Bank Governor Lamido Sanusi said February 28, Bloomerg reports.

Ghana’s cedi strengthened 0.1 per cent to 1,7009 per dollar as of 12:20 pm in Accra the capital.