LAGOS, June 2 Nigeria's naira firmed
0.25 percent against the U.S. currency on Monday, supported by
dollar sales from the local units of four multinational oil
companies, dealers said.
The local unit closed at 162.40 naira to the dollar,
compared with Friday's close of 162.80 naira.
Dealers said the local units of Chevron sold $55.6
million, ExxonMobil $50 million, Eni $20
million and Addax sold $10 million to some lenders, increasing
The naira has been hovering around 162 level for the past
two weeks, supported by dollar flows from oil firms buying the
local currency to meet domestic obligations and offshore
investors buying local debt.
Dealers say the naira may continue to strengthen if
additional dollar sales expected from state-owned oil company
NNPC this week materialise or from foreign investors
participating in local debt, otherwise the currency may weaken.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha)