June 18, 2014 / 3:06 PM / 3 years ago

Nigerian naira unchanged as oil firm sells dollars

LAGOS, June 18 (Reuters) - The Nigerian currency was unchanged at 163.10 naira against the greenback at Wednesday’s market close, supported by dollar sales by two local firms.

The naira had earlier eased to 163.65 against the U.S. dollar, dealers said, but recovered after local energy firm Transocean Oil sold $10.5 million and Fidelity Bank sold an undisclosed number of dollars on the market.

Dealers said demand for dollars was strong from bureau de change firms seeking hard currency for their clients.

The naira is expected to trade around 163-163.60 this week unless the central bank intervenes to prop up its value. The new central bank chief Godwin Emefiele has said he saw no need to devalue the local currency and will continue to intervene where necessary. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Louise Heavens)

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