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Nigerian naira gains on dollar sale by Shell

Reuters - UK Focus

LAGOS, Sept 1 (Reuters) - The Nigerian naira firmed against the U.S. dollar on Monday, supported by dollar sales by the local unit of Royal Dutch Shell (Xetra: R6C1.DE - news) , dealers said.

The local unit closed at 162.40 naira to the dollar, firmer than 162.55 naira it closed at on Friday.

Shell (LSE: RDSB.L - news) sold an undisclosed amount on Monday, increasing dollar liquidity on the interbank.

The naira has traded around 161.70-162.55 last 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.

"We expect more dollar sales from some oil firms, including NNPC (state-owned oil firm) and offshore investors in the coming day to boost the naira," one dealer said. (Reporting by Oludare Mayowa; Editing by Tom Heneghan)