• Friday, July 12, 2024
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Naira gains 35k on inflow from foreign bank


The naira yesterday appreciated significantly by 35 kobo against the US dollar, closing at N157.75/$ as against N158.10/$ at inter-bank market, data from the Financial Markets Dealers Association has indicated.

Analysts who spoke to BusinessDay last night on phone attributed the appreciation of the currency to inflow from a foreign banking institution.

The analysts said although some oil companies sold greenback, yesterday, it was not enough to drive forex.

According to the analysts there was increased demand for dollar by importers but there was enough supply from both the Central Bank of Nigeria (CBN) and other institutions.

Meanwhile, the local currency yesterday remained stable at the bureau de change and parallel markets closing at N158.5000/$, and N159.0000/$, respectively.

The CBN on Wednesday offered and sold $150 million as against $250 million sold on Monday at the Wholesale Dutch Auction System (WDAS) to some successful deposit money banks (DMBs) at the rate of N155.75/$.