FROM A NIGERIAN NEWS MAGAZINE: MARCH 2015
Nigeria’s Naira firmed 1.13 percent against the dollar on the interbank market in thin trade on Monday, supported by dollar flows from two energy companies, traders said.
The naira closed at 199.7 to the dollar compared with 202 on the interbank market on Friday, dealers said.
The central bank had set its intervention rate at 196.8/197.8 to the dollar on Monday, but dealers said the regulator had not yet sold dollars to lenders by 1302 GMT.
The Nigerian unit of Royal Dutch Shell sold an undisclosed amount of dollars while Eni sold $15 million, lending support to the naira, traders said.
The currency of Africa’s top crude exporter suffered its biggest monthly fall in over five years in February on concerns over political uncertainty and the central bank’s ability to manage a currency hammered by weak oil prices.
“There was not much of activity in the market today, apart from dollar sales by the two oil companies which boosted liquidity a bit and supported the naira,” said a trader.
Traders expect the local currency would be driven by availability of dollar inflows through anticipated month-end sales by oil companies during the week.
Malabu Oil Deal: I Only Got $1.1 billion bribe from Shell and Eni: 15 June 2013
Reuters: UK police probing Shell, ENI Nigerian oil block deal: 24 July 2013
The Scandal of Nigerian Oil Block OPL 245: 25 Nov 2013
SIGNED STATEMENT OF TRUTH: 10 Dec 2013
JUDICIAL REVIEW APPLICATION: DATED 10 Dec 2013
Nigerian lawmakers recommend revoking Shell, Eni OPL 245 oil block licence: 20 Feb 2014
Royal Dutch Shell Implicated in Nigerian OPL 245 Corruption Scandal: 11 Sept 2014
Safe Sex and Corruption in Nigeria – OPL 245: 18 Sept 2014
Eni payments ‘used to bribe Nigeria officials’: 2 Oct 2014
APC questions Jonathan over Malabu Oil $550mn bribery scandal: 12 Oct 2014
OPL 245 Deal:Lawyers jostle to represent Malabu: 28 Oct 2014
Secrecy order lifted on legal challenge to corrupt Nigerian oil deal (OPL 245): 7 Nov 2014
Nigeria: Malabu – Court Fixes Application to Halt Suit for March 12: 6 Feb 2015
