Nigeria’s naira traded flat against the U.S. dollar at both the interbank and foreign exchange markets on Monday, as strong demand for the greenback soaked up liquidity from two oil firms and the central bank’s currency auction.

The naira closed at 157.80 to the dollar, around the same level it ended at on Friday.

At the bi-weekly auction, the central bank increased dollar supply to $200 million, from the $180 million it sold at last Wednesday’s auction, but maintained the rates at 155.78 naira.

Dealers said the local unit of French oil firm Total sold $44 million to some lenders while Agip sold around $7 million, but strong demand lapped it up.

The naira has traded around the 157-158 level to the dollar over the past one month, owing partly to dollar sales from oil companies and inflows from offshore investors buying bonds.

Dealers expect the currency to hover around current levels throughout this week, as month-end dollar inflows from oil firms boost liquidity in Africa’s second biggest economy.

Source: Reuters (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha)