Business Naira Gains on Dollar Sale



The naira firmed against the United States dollar yesterday, supported by dollar sales by the local unit of Royal Dutch Shell, National Mirror reports.

The currency closed at N162.40 to the dollar, firmer than N162.55 it closed at on Friday. Shell sold an undisclosed amount, increasing dollar liquidity on the interbank.

The naira has traded around N161.70 to N162.55 last week on the back of dollar flows from energy companies and some offshore investors buying local debt in the wake of inclusion of Nigeria’s 2024 bond in the JP organ index.

“We expect more dollar sales from some oil firms, including NNPC and offshore investors in the coming day to boost the naira,” one dealer said.

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