Naira weakens against the dollar

The naira, on Monday, closed flat against the U.S dollar on the interbank market as two multinational oil companies sold about $107 million to some lenders.

Exxon Mobil sold $72.2 million, while Italian oil firm, Eni’s Nigerian unit sold $35 million.Naira Vs Dollars

The naira closed at 161.48 to a dollar, after weakening to 162 naira during intra-day trade.

Continuous demand for the dollar has mounted pressure on the naira despite measures by the Central Bank of Nigeria (CBN) to tighten liquidity in the banking sector.

The CBN sold $300 million at 155.76 naira to the dollar on Monday, compared to $290.5 million it sold the same rate at last Wednesday’s auction.

[Nigerian Telegraph]

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