The
naira currency gained 0.19 percent on the interbank market on Wednesday, driven
by dollar sales by major energy companies, Nigerian National Petroleum
Corporation (NNPC).
The
currency closed at 161.80 to the dollar, from 162.12 the previous day.
Chevron’s
unit sold $60.7 million, Nigerian Liquefied Natural Gas (NLNG) sold an
unspecified amount and NNPC asked lenders to bid for its usual dollar sale,
prompting gains in
the naira’s value.
Nigeria’s
currency touched a five-week low against the U.S. dollar on Thursday, on
renewed dollar demand, but the currency recovered some lost ground this week
after a unit of Royal Dutch Shell came twice into the market.
“We
probably stay on sub-162 to the dollar for some time till any major demand for
the dollar hits the market,” one dealer said.
Traders
said the local currency could gain slightly on Thursday. NNPC is responsible
for a substantial proportion of the dollar flows in Africa’s biggest economy.
Reuters
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