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Nigerian naira steady as oil firms sell dollars

Category: Forex

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Nigerian naira steady as oil firms sell dollars


Wednesday February 1, 2012

The Nigerian naira was broadly flat on the interbank market on Wednesday, supported by sales of around $38 million by two energy companies to banks.

The local naira currency closed at 161.15 to the dollar on the interbank compared to 161.17 a dollar on Tuesday.

"Demand and supply were evenly distributed as two oil companies Chevron and Addax sold about $38 million to some banks," one dealer said.

At the bi-weekly forex window, the central bank sold $250 million at 156.70 to the dollar, firmer than the 156.85 to the dollar at the previous auction of the same amount. The central bank did not provide information on the level of demand at the auction.

Dealers said the outlook for the naira will depend on the volume of dollar inflows from oil companies in the coming days.

"We heard that the (state-owned energy company) NNPC will be selling dollars this week, this would boost liquidity in the market and provide support for the naira, otherwise, the naira will trend higher," another dealer said.  


Source: Reuters (Reporting by Oludare Mayowa)

Tags: Nigeria,  Nigeria Naira, currency closed, local naira, Chevron, Addax, NNPC , , 

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