Naira firms against dollar at interbank market

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After trading on Friday, Nigeria’s currency, the naira strengthened slightly against the US dollar gaining N0.03 kobo at the interbank market.
The naira on Friday closed at N159.97/$ compared to N160.00/$ the previous day, data from the Financial Markets Dealers Association (FMDA) have revealed.
The Central Bank of Nigeria (CBN) on Monday offered $300 million but sold $276.3 million at its bi-weekly Retail Dutch Auction System (RDAS) at N155.81/$.
However, the local currency remained stable at the bureau de change and parallel market closing at N162.00/$ and N163.00/$ respectively.
On Thursday, the naira strengthened against the US dollar gaining 20 kobo at the interbank market while on Monday, it eased slightly against the US dollar losing 01 kobo also at the interbank market.
By: HOPE MOSES-ASHIKE

Source: BusinessDay

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