May 14, 2014 / 2:36 PM / 4 years ago

Nigerian naira unchanged on oil firm dollar sale

LAGOS, May 14 (Reuters) - The Nigerian currency was unchanged at 162.65 naira against the greenback at Wednesday’s market close, compared with the previous day, supported by dollar sales from the local unit of Chevron .

The naira had initially eased to 163 against the U.S. dollar, dealers said but recovered after Chevron sold $38 million to some lenders.

“The naira is seen depreciating to around 163.20 to the dollar this week,” one dealer said, adding that dollar inflows from investors buying local bonds could provide support for the naira.

A surge in dollar demand by some investors repatriating dividends abroad have put pressure on available hard currency in the market in the past week, trader said. Several Nigerian firms including banks have declared full year dividends attracting investors to their stock. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Toby Chopra)

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