NAIRA CLOSES FLAT AS ANALYSTS SEE SURGE IN ECONOMY

The naira closed flat at the interbank market yesterday even as the Nigerian Bureau of Statistics (NBS) projected that the country's economic growth would accelerate this year and as foreign exchange reserves increased.

The Central Bank of Nigeria (CBN) had sold $120 million at the Monday's auction at N155.74 to a dollar, same volume and price it sold at its last auction last week.

At the interbank, the naira sold at N157.40, same price it sold last week Friday, while the value of the naira remained unchanged at the bureau de change and the parallel market, where it went for N158.50 and N159.00 to the dollar respectively.

The NBS said Nigeria's economy would probably expand 6.8 per cent this year compared with growth of 6.6 per cent in 2012. 'The projected growth rate of real GDP in 2013 is forecast to reach 6.75 per cent compared to 6.61 per cent estimated for 2012. Over the period 2013-16, real GDP is expected to average a growth rate of 6.9 per cent,' the NBS said.