Naira Up 0.25% as Oil Firms Sell Dollars

Naira firmed 0.25 percent against the U.S. currency on Monday, supported by dollar sales from the local units of four multinational oil companies, dealers said.
The local unit closed at N162.40 to the dollar, compared with Friday’s close of N162.80. Dealers said the local units of Chevron sold $55.6 million, ExxonMobil $50 million, Eni $20 million and Addax sold $10 million to some lenders, increasing dollar liquidity. The naira has been hovering around N162 level for the past two weeks, supported by dollar flows from oil firms buying the local currency to meet domestic obligations and offshore investors buying local debt. Dealers say the naira may continue to strengthen if additional dollar sales expected from state-owned oil company, Nigeria National Petroleum Corporation (NNPC) this week materialise or from foreign investors participating in local debt, otherwise the currency may weaken. 
Source: Reuters

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