Naira trades flat against dollar

The naira traded flat against the U.S dollar, on Monday, as sales by Nigerian units of Chevron and Royal Dutch Shell helped ease the pressure of demand for the greenback, dealers said.

The naira closed at N162.45 to the dollar.

The Nigerian units of Chevron sold $43 million to lenders and Royal Dutch Shell sold an undisclosed amount, boosting dollar liquidity in the interbank forex market.

“We expect the naira to trade within present levels or appreciate as more oil companies sell part of their month-end dollars,” one dealer said.

Traders said the naira traded calmly before the oil company dollar sales, which helped stabilise demand for the greenback.

The naira has been hovering between 161-162 over the last two weeks, as oil companies bought naira to meet local obligations and as foreign investors bought domestic debt.