LAGOS (Reuters) - The Nigerian naira strengthened against the U.S dollar on the interbank market on Monday, supported by oil companies selling dollars to banks, traders said.
The naira closed at 157.45 to the dollar on the interbank, compared with 157.75 on Friday.
"The naira was supported mainly by the $72 million sold by Chevron to some banks on Monday and the balance of the second tranche of NNPC (state-owned oil company) sold on Friday," one dealer said.
Traders said the NNPC sold additional $200 million to selected lenders late on Friday, which further boosted dollar liquidity and provided support for the local unit.
The local currency had hit a one-month high on Thursday on the back of dollar flows from oil companies and offshore investors buying local debt.
On the official window, the central bank sold $290 million at 155.74 to the dollar, compared with $300 million sold at 155.75 at the previous auction on Wednesday.
"We see the naira stable around the 157.50-157-95 to the dollar for the rest of the week because of the level of demand for hard currency in the market," another dealer said.
Source: http://news.yahoo.com/nigerian-naira-strengthens-oil-firms-dollar-sales-152020221.html
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