Nigerian naira gains on oil firm dollar sales

Reuters
A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos
.

View photo

A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos, …

LAGOS (Reuters) - Nigeria's naira gained marginally against the dollar on the interbank market on Monday, aided by greenback sales by foreign energy companies, traders said.

The local unit closed at 158.7 to the dollar, firmer than the 158.75 to the dollar on Friday.

Traders said a unit of Exxon Mobil sold $65 million to some lenders, Eni sold $1.5 million, while Addax sold $3 million.

The naira has sustained its gains against the greenback after hitting its strongest point in over four months last week when oil companies started month-end dollar sales.

"We see the naira trading within the present level this week and it should appreciate further if NNPC comes to the market before Friday," one dealer said.

View Comments (0)