• Monday, July 15, 2024
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Naira gains N0.71 over dollar as CBN intervenes with $268.2


The naira yesterday firmed up against the US dollar at the inter-bank market following the intervention of the Central Bank of Nigeria (CBN) through the sale of foreign exchange to the tune of $268.2 million.

The CBN yesterday offered a total of $400 million but sold a total of $268.2 million to 18 deposit money banks at the rate of N155.74/$ at its bi-weekly Retail Dutch Auction System (RDAS).

Consequently, the naira yesterday closed at N164.00/$ compared to N164.71/$ traded the previous day, data from Financial Markets Dealers Quotation (FMDQ) have revealed.

naira-DollarExternal reserves on the other hand further increased by 0.04 percent to $37.850 billion as at April 1, 2014 from $37.834 billion as at March 31, 2014.

Analysts attributed the increase in external reserves to more revenue inflow from both oil and non-oil sectors.

Naira on Tuesday strengthened against the US dollar at the inter-bank market gaining N0.28k to close at N164.71/$.

On Monday naira strengthened slightly against the US dollar following increased supply of the greenback by the CBN and two oil majors.

This falls in line with analysts’ prediction that naira would stabilise this week following sustained naira defence policy of the monetary authority.