Nigerian naira weakens as dollar supply tight

LAGOS (Reuters) - The Nigerian naira weakened to 150.30 to the U.S. dollar on the interbank market on Monday from 150.05 last week due to banks' reluctance to sell dollars in market.

State-run energy company NNPC sold $250 million to some lenders on Monday, while Chevron sold $33 million and Royal Dutch Shell sold an unspecified amount, but this failed to lift the local currency against the dollar.

"The naira fell at the interbank because many of the banks that won NNPC money refused to sell in the market, preferring to use it to meet their customers obligations," one dealer said.

Traders said there was also higher demand for the dollar as some lenders were building up reserves.

At the official window, the central bank sold $200 million at 148.67 naira to the dollar on Monday, almost meeting demand, compared to $205 million at 148.72 a dollar on Wednesday.

Traders said the naira could appreciate slightly on Tuesday and Wednesday if more energy firms sold dollars. Oil companies regularly sell dollars towards the end of the month to meet their local funding obligations.