• Friday, March 01, 2024
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BusinessDay

CBN’s $349.9m forex sales strengthens naira

The nation’s currency, naira yesterday firmed up against the US dollar following the intervention of the Central Bank of Nigeria (CBN) at the foreign exchange market.

The CBN on Monday sold a total of $394.9 million to some deposit money banks at its bi-weekly Retail Dutch Action System (RDAS) window at the rate of N155.74/$.

Consequently, naira yesterday strengthened against the dollar gaining N0.41k at the Nigerian Interbank Foreign Exchange (NIFEX) market as it closed at N159.40/$ compared to N159.82/$ traded the previous day, data from Financial Markets Dealers Quotations (FMDQ) have revealed.

At the Foreign Exchange (FX) market, naira gained 30 kobo against the dollar to close at N159.41/$ as against N159.71/$ the previous day.

Interest rates at the money market remained stable as call tenor remained at 10.50 percent, while 7 days, 30 days, 60 days and 90 days stood at 10.83, 11.08, 11.37 and 11.66 percent respectively.

By: HOPE MOSES-ASHIKE