Nigeria naira increases after state-oil company NNPC sells $350 mln – Nigerian naira firmed high on Wednesday right after state-oil company NNPC sold approximately $350 million to lenders, making the currency recover from a low record against the dollar.
The unit hit 190.28 naira to the dollar in volatile trades at 1100 GMT, firmer than 192.60, a record low at which it opened on Wednesday.
The NNPC, which accounts for the bulk of hard currency traded on the interbank market, sells dollars every month to buy naira for its local operations. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Hugh Lawson)
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