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Nigeria naira up 0.12 pct on oil firm dollar sales

Reuters - UK Focus

LAGOS, July 23 (Reuters) - The Nigerian naira firmed against the greenback on Wednesday, lifted by month-end dollar sales from multinational oil companies buying the local currency to meet their domestic obligations, dealers said.

The local unit closed at 162.08 naira to the U.S. dollar, up 0.12 percent from 162.28 naira the previous day.

The local unit of Italy's Eni (NYSE: E - news) sold $20 million and France's Total (NYSE: TOT - news) sold $55 million, while two units of Addax sold a total of $10 million and Shell (LSE: RDSB.L - news) sold an undisclosed amount onto the interbank market, dealers said.

Multinational oil companies operating in Africa's biggest economy usually sell dollars every month in exchange for local currency to meet their local obligations.

Dealers expect the naira to strengthen further this week trading within a range of 161-162 level as more oil companies sell dollars. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Sonya Hepinstall)