The Nigerian naira gained marginally against the U.S dollar on the interbank market and at the bi-weekly foreign exchange auction on Monday, supported by about $240 million in dollar sales by three local units of energy companies.
The naira appreciated to 157.65 to the dollar on the interbank market, versus the 157.70 a dollar it closed at on Friday.
Traders said units of Royal Dutch Shell, Chevron and ExxonMobil sold around $240 million to some lenders on Monday, boosting dollar liquidity in the market and providing support for the local currency.
At the bi-weekly auction, the central bank sold $100 million at 155.90 to the dollar, compared with $150 million sold at 156.01 to the dollar at the previous auction on Wednesday.
"The naira should hover around the present level or appreciate a little for the better part of this week because of the expected dollar sales by the NNPC (state-owned energy company)," one dealer said.