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Nigerian naira gains 0.18 pct on Shell dollar sales(LAGOS)
Nigeria’s naira currency gained 0.18 percent against the U.S dollar on the interbank market on Monday, supported by greenback sales by a unit of Royal Dutch Shell to some lenders.
The local currency closed at 162.40 to the dollar, firmer than the 162.70 it closed at on Friday.
Shell’s local unit sold an undisclosed amount of dollars to some lenders, boosting dollar liquidity and easing pressure on the local currency.
Nigeria’s currency touched a five-week low against the U.S. dollar on Thursday, on renewed dollar demand after a recent rally on the local currency.
Traders said some importers brought forward their obligations to take advantage of previous gains by the naira.
Another dealer said if the NNPC fail to sell dollar by Tuesday or Wednesday, the naira could lose some value again.
(Reuters)
The post Nigerian naira gains 0.18 pct on Shell dollar sales appeared first on The Sun News.
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