Lagos - The naira appreciated slightly against the United States dollar on Monday as a result of dollar sales by local units of four multinational oil companies.
The nation’s currency closed at N162.40 to a dollar, compared to last Friday’s close of N162.80 to a dollar.
Dealers said the local units of Chevron sold $55.6 million, ExxonMobil $50 million, Eni $20 million and Addax sold $10 million to some lenders, increasing dollar liquidity.
The naira has been hovering around N162 to a dollar level for the past two weeks, supported by dollar flows from oil firms buying the local currency to meet domestic obligations and offshore investors buying local debt.
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