LAGOS, June 11 The Nigerian naira
closed broadly flat on Wednesday, recovering from early losses
after news of dollar sales by state-owned energy firm NNPC to
banks filtered into the market, dealers said.
The naira closed at 162.90 to the dollar, little changed
from its close of 162.85 naira the previous day.
It hit a day's low of 163.45 to the dollar on Wednesday
before rebounding on the news that NNPC had sold around $200
million to lenders toward the close of trading at 1300 GMT.
"The market has been short in anticipation of dollar sales
by NNPC," one dealer said, adding that the amount was not enough
to quench dollar demand in the market.
NNPC usually sells dollars to banks on a monthly basis and
accounts for around 70 percent of total dollar volume traded on
the interbank market.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and