The naira traded flat against the US currency on Monday, as the dollar sale by two oil companies helped ease the pressure of the demand for the dollar, dealers said.
The local unit closed at 162.45 naira to the dollar.
The Nigerian units of Chevron sold $ 43 million to lenders and Royal Dutch Shell sold a undisclosed amount, dollar liquidity on the Interbank Forex market.
"We expect the naira to appreciate trade within the current levels as more oil companies sell dollars part of their end of the month," said a dealer.
Traders said the naira traded quietly before the oil company dollar sales, which helped with stabilizing demand for the dollar.
The naira has been hovering between 161-162 in the past two weeks, as oil companies bought naira to meet the obligations of the local and foreign investors bought domestic debt.
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