By InvestAdvocate

Lagos (INVESTADVOCATE) –The naira on Monday gained more than the U.S dollar supported by dollar sales by Royal Dutch Shell, dealers affirmed according to a Reuters report.

According to the report, the naira closed the day at N162.40 stronger than N162.55 recorded on last Friday.

It said oil multinational Shell sold an undisclosed amount on Monday, increasing dollar liquidity on the interbank market.

The report further affirmed that the naira traded around 161.70-162.55 the previous week on the back of dollar flows from energy companies and some offshore investors buying local debt in the wake of inclusion of Nigeria’s 2024 bond in the JP Morgan index.

A dealer was quoted as saying that more dollar sales are expected from some oil firms, including the Nigerian National Petroleum Corporation (NNPC)  and offshore investors in the coming day to boost the naira.