• Friday, July 19, 2024
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BusinessDay

Naira steady on oil companies dollar sales

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The naira held steady against the dollar on the interbank market on Monday, supported by sales of the U.S. currency by Nigerian unit of ExxonMobil and Royal Dutch Shell.

The local unit closed at 164.95 to the dollar, the same level it closed at on Friday.

ExxonMobil sold $50 million while Royal Dutch Shell sold an undisclosed amount, boosting dollar liquidity and helping to prop the local currency.

Traders said there was demand for the dollar from investors repatriating dividends, but the dollar sales by the oil companies provided support for the naira.

“We hope to continue to see stability in the market in the near term and a bit of appreciation early next week when NNPC – the state-owned energy company – expects to sell dollars in the market,” one dealer said.

Agency Reports