LAGOS May 28 The Nigerian naira eased
slightly against the U.S. currency on Wednesday, after dealers
took positions in anticipation of dollar sales by oil companies
which did not materialise.
The local unit closed at 162.80 to the greenback, after
initially climbing to 162.40 naira, ending weaker than Tuesday's
close of 162.72 naira.
Dealers had expected dollar sales from oil companies, which
started last week to continue to support the naira, but they
failed to appear.
Multinational oil companies in Africa's biggest economy sell
dollars to banks on monthly basis in order to fund their local
naira obligations. The naira is seen gaining to around 162 level
next week as more oil firms sell dollars.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and