July 14, 2014 / 2:16 PM / in 3 years

Nigerian naira firms marginally on Total, Addax dollar sales

LAGOS, July 14 (Reuters) - Nigeria’s naira firmed marginally on the interbank market on Monday after oil companies sold dollars to buy the local currency and dollar demand from importers slowed, traders said.

The naira closed at 162.28 to the dollar, slightly firmer than Friday’s close of 162.38.

A unit of France’s Total sold $42 million and China’s Addax sold $8 million, boosting dollar liquidity and support for the local currency.

“The naira should be rangebound this week ... don’t see it depreciating to 163 anytime soon, probably 162.70 to the dollar,” one dealer said.

The naira has traded around 162-162.50 in the last week. (Reporting by Oludare Mayowa; Editing by Louise Ireland)

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