Naira Gains First Week in Nine on Nigerian Intervention

Nigeria’s naira gained, heading for the first weekly gain in nine, after the central bank pledged to intervene to support the currency hit by lower oil prices.

The naira strengthened 0.3% to 164.68 per dollar as of 1:45 p.m. in Lagos, the commercial capital. It reached a 7-month intraday low of 166.42 yesterday before Sarah Alade, a deputy governor at the central bank, said the institution would use foreign reserves to defend the value of the currency.

Since mid-September, the Central Bank of Nigeria has sold dollars to banks outside of its regular auctions on Mondays and Wednesdays, according to Standard Chartered Plc.