Naira gains 0.19 percent on dollar sales by energy companies

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

Africa Forex Week Ahead: Naira seen steady on offshore investors, oil companies dollar flow

Nigeria’s naira is seen stuck in a tight range in the coming week, drawing support from possible dollar flows from offshore investors and foreign energy companies selling dollars to banks.

The local currency has traded around 161.90-162.70 against the dollar in the last two weeks on support from consistent greenback flows from oil companies’ month-end dollar sales and inflows from offshore investors buying local debt.

The naira traded at 161.85 to the dollar on Thursday, compared with its 161.90 close the previous day, and traders see no major change in the value of the currency in the near term.

“Market is dollar liquid to support the present demand from importers, we are not expecting very much change from the present value of the naira as long as