Oil Firms’ Dollar Sales Support Naira 

Local currency, the naira was unchanged at N162.40 per dollar at Wednesday’s close, supported by dollar sales from two oil companies, dealers said.
The local unit of Italian oil firm Eni sold $13 million and Addax Petroleum sold $12 million, boosting dollar liquidity on the interbank market. According to Reuters, dealers expect the Nigerian National Petroleum Corporation, which accounts for bulk of the dollars traded on the interbank market, to sell the greenback next week, giving the naira a boost. The naira had risen against the dollar on Monday, supported by dollar sales by the local unit of Royal Dutch Shell. The local unit had closed at N162.40 to the dollar, firmer than N162.55 it closed at on Friday. Shell sold an undisclosed amount on Monday, increasing dollar liquidity on the interbank.

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