Nigeria naira eases 0.58 pct to five-week low against U.S. dollar

Nigeria's naira eased 0.58 percent to a five-week low against the U.S. dollar on Thursday, on renewed dollar demand after a recent rally on the local currency.
The local unit closed at 162.70 naira to the greenback, a level last seen on July 2, and weaker than Wednesday's close of 161.75 naira. It initially touched a low of 162.90 naira during mid-day trade.
Traders said the month-end dollar sales from oil companies that had provided support for the naira in the past three weeks, has ceased so far.
"We are expecting that the NNPC will come into the market soon to sell dollars and this should help calm the market," one dealer said.
The government-owned NNPC supplies a substantial amount of the dollar flows in Africa's biggest economy. Traders are also expecting a inflow from offshore investors participating at a local debt auction next week.