The naira traded flat against the dollar as the United States currency sales by two oil companies helped to ease the pressure of demand for the greenback, dealers said.

The naira closed at N162.45 to the dollar, according to Reuters.

The Nigerian units of Chevron sold $43m to lenders and Royal Dutch Shell sold an undisclosed amount, boosting dollar liquidity in the interbank forex market.

“We expect the naira to trade within the present levels or appreciate as more oil companies sell part of their month-end dollars,” one dealer said.

Traders said the naira traded calmly before the oil company dollar sales, which helped to stabilise demand for the greenback.

The naira has been hovering around N161-N162 over the last two weeks, as oil companies bought naira to meet local obligations and as foreign investors bought domestic debt.

Source: Punch