Naira Unchanged as Dealers Expect Oil Firm Dollar Sales

The naira was unchanged at N162.15 to the greenback at Wednesday’s market close, as dealers maintained their positions in anticipation of U.S. dollar supply from oil companies next week.
The unit closed at N162.13 the previous day, broadly at the same level as Wednesday. The naira gained 0.11 percent on Monday after some lenders sold the greenback to stay within a regulatory limit.
Dealers said demand for hard currency had weakened after an initial rise last week as importers locked in at favourable exchange rates following a recent naira rally.
“We expect the naira to trade within the present band of N162 to the dollar this week,” one dealer said, adding that it could strengthen as oil companies start their month-end dollar sales.
The local currency eased to a five-week low against the U.S. dollar two weeks ago but recovered some ground last week after some oil companies sold the greenback, including the state-owned oil firm NNPC.
Source: Reuters

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