• Thursday, May 23, 2024
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BusinessDay

Naira weakens against dollar despite CBN’s $207.6m intervention

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In spite of the $207.6 million offer by the Central Bank of Nigeria (CBN), the nation’s currency, the naira, yesterday, weakened against the US dollar losing 23 kobo at the inter-bank market to close at N157.53/$ compared with N157.30/$ the previous day, data from the Nigeria Markets Dealers Association (FMDA) have indicated.

Analysts attributed the naira depreciation to increased demand for dollar by importers and other end users.

The CBN yesterday offered $300 million but sold $207.6 million to 17 banks that participated at the bi-weekly Wholesale Dutch Auction system (WDAS) at N155.74/$.

On Monday the CBN offered $300 million but sold $293.8 million to 17 banks that participated at the bi-weekly Wholesale Dutch Auction system (WDAS) at N155.75/$.

At the official market yesterday, naira strengthened by 01 kobo against the US dollar to close at N155.74/$ as against N155.75/$.

HOPE MOSES-ASHIKE