Nigeria naira slips 0.21 pct on importer demand for dollars

Naira and dollar

The Nigerian naira eased 0.21 percent against the U.S. dollar on Monday, after some importers took advantage of its recent appreciation against the greenback to lock in rates, dealer said.The local currency eased after last week's gains, closing at 162.25 naira to the dollar on Monday after closing Friday at 161.90 naira.Dealers said some importers had set limit orders to buy hard currency and were in the market after recent gains. Italy's local unit of Eni sold $11.5 million, but that was not enough to lift the naira.Africa's biggest economy relies on imports for around 80 percent of what it consumes."We expect the naira to strengthen this week because of possible dollar sales by some oil multinational companies," one dealer said. Oil companies in Nigeria sell hard currency to obtain naira to fund their local obligations.The local currency traded around 161.45-161.90 naira to the dollar last week, lifted by dollar flows from oil companies and offshore investors buying local debt.