May 28, 2014 / 1:56 PM / 3 years ago

Nigerian naira eases on dollar shortage

LAGOS, May 28 (Reuters) - 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 Toby Chopra)

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