Nigerian naira hits 2-week high on oil firms' dollar sales

The Nigerian naira rose against the U.S. dollar to its strongest in two weeks on the interbank market on Tuesday, boosted by greenback sales by some oil companies.
   The local unit <NGN=D1> closed at 159.8 to the dollar, its strongest since Sept. 25, when it closed at 159.68. The naira had closed at 160.35 to the U.S. currency the previous day.
   Traders said unit of Chevron sold $31 million to some lenders on Tuesday, adding to large dollar flows from the state oil company and a Shell <RDSa.L> subsidiary the previous day.
   "There was a bit of demand for the dollar in the market today, but the impact of large dollar flows from oil companies helped the naira to gain value," one dealer said.
   Dealers said the local currency is expected to depreciate a little towards the end of the week, as some importers take advantage of the cheaper dollar to buy up.