Nigerian naira falls 0.15 pct despite oil firm dlr sales

 

The Nigerian naira weakened marginally by 0.15 percent against the dollar on the interbank market on Monday, on a renewed surge in dollar demand despite about $112 million in sales by an oil company.

A unit of French oil major Total sold about $112 million to some lenders on Monday, but was insufficient to support the naira.

The local currency fell to 165 to the dollar compared with 164.74 it closed at on Friday, due to increased dollar demand from importers and corporations stocking up for year-end sales.

The naira had recovered from a 7-month low last week, as the central bank took steps to it prop up.

The local currency has come under pressure in the last five weeks owing to concerns over falling global oil prices, which led to offshore investors cutting back their positions in the local debt market and repatriating their funds.