Naira firms on oil companies dollar sales to banks

The Nigerian naira strengthened against the U.S dollar on the inter-bank market NNPC sold about $150 million to some banks, boosting dollar liquidity in the market. The naira closed at N160.30 to the dollar, after it opened the day at N161.10. The market closed at N161.15 to the dollar on Wednesday. “The market dollar liquidity was increased by the sales of about $150 million by the NNPC and $50 million by unit of (Exxon) Mobil, providing support for the naira,” a banker said. Sustained dollar sales by some energy multinationals, including the NNPC has boosted dollar supply at the inter-bank and help strengthened the value of the local currency in recent weeks. Traders said the effect of the large dollar inflows into the market will continue to ensure that the naira trades around 160-160.80 in the coming days