Nigerian naira gains on oil firms' dollar sales

Ag CBN Gov, Alade

Nigeria's naira strengthened against the dollar on the interbank market on Tuesday on support from energy companies' dollar sales.
The local currency strengthened to 160.58 per dollar from its 161.08 close the previous day.
Traders said a unit of ExxonMobil sold $70 million to some banks, while Royal Dutch Shell sold an undisclosed amount of dollars.
"Weak demand for the dollar coupled with sales by two energy companies provided support for the naira," one dealer said.
Traders said the naira is seen trading around 160.60-161 in the coming day and expected to gain further next week when state-owned energy company NNPC is expected to sell dollars in the market.