Naira Gains 2.3% as Banks, Energy Firm Sell Forex

The Naira recovered from a record intraday low on Monday after two commercial lenders and an energy company sold dollars on the interbank market ahead of a central bank interest rate meeting, dealers said.

Reuters reported that the two lenders and Nigeria's LNG sold an undisclosed amount of dollars, helping the naira to gain 2.3 percent against the greenback to 187.50 at 1219 GMT. The naira had earlier hit a record intraday low of 191.85 to the dollar.

Dealers said the lenders had to sell dollars to remain within a regulatory open limit position on hard currency set by the central bank, while the energy company bought naira for its local operation.