Naira appreciates against the dollar

Reuters Africa(Lagos): The Nigerian naira closed at 310.50 against the dollar on Tuesday, firmer than previous close of 315.50, Thomson Reuters data showed.

The local currency traded $23 million at 280.50 just after the interbank market opened at 316.50.

A trader attributed the 280.50 naira rate to a dollar resale on the spot market of outright currency forwards sold by the central bank of Nigeria(CBN).