The naira firmed against the dollar on Wednesday as Chevron’s local unit sold the U.S. currency and offshore funds bought local debt, dealers said.
The Nigerian currency was trading 0.34 percent higher at N161.60 to the dollar at 1116 GMT, from Tuesday’s close of N162.15.
Dealers said the local unit of U.S. oil firm Chevron sold about $18 million to banks, while offshore investors participating in a debt auction on Wednesday sold an undisclosed amount of dollars.
Nigeria was due to auction N200 billion ($1.2 billion) in treasury bills and bonds on Wednesday.
Offshore funds have renewed their appetite for Nigerian assets, dealers say, after the West African country rebased its GDP, overtaking South Africa as the continent’s biggest economy and making it a more attractive destination for investors.
