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Naira Firms Against Dollar Amid Depleting Reserve

Naira firmed up against dollars as it gained N0.92k yesterday, at the inter-bank market, following the intervention of the Central Bank of Nigeria through foreign exchange auction worth $398.4 million.

This is amid depleting external reserves which as at February 28, 2014 has fallen to $40.11 billion from $40.25 billion the previous day.

The CBN yesterday offered a total of $400 million but sold a total of $398.4 million to 21 deposit money bank at the rate of N155.75/$ at its bi-weekly Retail Dutch Auction System (RDAS) window.

Consequently, the local currency yesterday closed at N163.91/$ compared to N164.83 traded on Friday last week at the inter-bank, data from Financial Markets Dealers Quotations (FMDQ) have revealed.

Inter-bank rates at the money market yesterday rose by 3.37 percent from 11.86 percent on Friday last week to 12.26 percent yesterday.

SOURCE

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