• Monday, June 24, 2024
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Naira gains 82k as CBN meets demand

Dollar nears N2,000 on black market as scarcity worsens

The naira yesterday firmed up significantly against the US dollar, gaining 82 kobo at the inter-bank market.

It closed at N157.95/$ compared to N158.77/$ on Friday, data from the Financial Markets Dealers Association (FMDA) have shown.

Read also: Naira firms after CBN meets FX demand at auction

Analysts attributed the naira appreciation to inflow from month-end sales by oil companies coupled with the Central Bank of Nigeria (CBN) intervention meeting up with the demand for the greenback.

Analysts from Cowry Asset had earlier predicted that naira would strengthen against the US dollar this week on the back of oil companies’ sales to dealing banks in order to meet month-end expenses.

However, the CBN yesterday offered and sold $300 million at its bi-weekly Wholesale Dutch Auction (WDAS) at the rate of N155.75/$.