Naira Remains Unchanged against Dollar on Shell, Eni Sales

After the two days public holiday, the sales of dollar by two major energy companies caused the naira to close unchanged against the dollar on the interbank market on Wednesday.

The Nigerian currency closed at N161.85 to the dollar, the same level it closed at on Friday before the holiday.

According to reuters, an unrevealed amount of dollars was sold by a unit of Royal Dutch Shell to some lenders while $5mn was sold by Eni.

The naira has been within the range of N161.50-N162 against dollar in the last two weeks as the month-end dollar sales by some energy companies have continued to provide support for the local currency.

“We see the naira stable around the present band in the near term, with more dollars expected from some energy companies,” one dealer said.