The Central Bank of Nigeria (CBN) yesterday offered and sold $300 million to 19 successful deposit money banks that participated at the foreign exchange Dutch auction at the rate of N155.75/$.
This pushed up naira against the dollar, gaining 10 kobo to close at N158.28/$ compared to N158.38/$ the previous day, data from the Financial Markets Dealers Association (FMDA) has shown.
“I think demand was effectively made at forex sales by some oil majors. This gave the naira the needed strength at the inter-bank market”, Sewa Wusu, head of research, Sterling Capital, said in a text message.
Meanwhile, the local currency yesterday remained stable at the official, bureau de change and parallel markets closing at N155.75/$, N160.0000/$, and N160.5000/$, respectively.