Nigerian naira firms on state oil firm dollar sales

LAGOS: Nigeria's naira currency strengthened against the dollar on the interbank market on Friday, a day after the state oil company sold $400 million to some lenders, dealers said. The local currency closed at 158.85 to the dollar, firmer than the 158.80 to the dollar it closed at on Thursday.

The naira unit had weakened to 161.20 to the dollar last week, its weakest in three months, owing to a surge in dollar demand.

Traders said unit of France's Total also sold $77 million to some lenders after the close of the market on Friday, so the impact would be felt on Monday.

"The naira should trade within the 158.60-159 band in the near term as we expect more dollar sales from some energy companies in the coming days," another dealer said.