Nigeria’s naira firmed 0.30 percent against the U.S. dollar on Monday, after one oil company sold the greenback to some lenders and the central bank intervened to prop up the currency.

The local unit closed at 164.40 to the dollar, up from Friday’s close of 164.90.

The naira has been trading around 164 to 165 to the U.S. currency, supported by direct intervention which helped the unit recover from as low as 169, hit when the government shocked financial markets last month by suspending the central bank governor.

Dealers said the central bank had sold an undisclosed amount to some lenders on the interbank market, while $20 million were sold by the local unit of Italian oil company Eni.

“We see the naira at around 165 this week, unless more dollars come into the market,” one dealer said.

Source: Reuters (by Oludare Mayowa)