The naira closed at N158.95 to a dollar at the interbank market, compared to the N158.75 a dollar the previous day.
Traders said Mobil Nigeria sold $50 million to some lenders, short of around $100 million the energy company initially expected to sell.
“Some banks have sold down their positions on the expectations of large dollar sales by Mobil, but when the market was later informed of a short fall in the amount sold, people started buying back dollars to cover their positions,” one dealer told Reuters.
Traders said the naira had appreciated to around N158.48 to a dollar intra-day on the expected dollar flow from Mobil, but weakened toward the close of the market.
The naira has continued to trade around N158 to N159 against the dollar since last month, mainly owing to support provided by international oil companies selling forex and the central bank’s monetary tightening measures.
Traders said the naira was seen trading within the present range as more oil companies offload dollars in the market to meet their month-end domestic obligations.