Naira firms as CBN raise forex sale to $400m

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The Nigerian naira Monday strengthened slightly against the US dollar, gaining N0.05k at the interbank market to close at N158.70/$ as against N158.75/$ on Friday last week, data from the Financial Markets Dealers Association (FMDA) have indicated.

Analysts said the naira appreciation is as result of increased forex offer 33.3 percent to $400 million compared to $300 million offered Wednesday last week by the Central Bank of Nigeria (CBN).

The CBN on Monday offered $400 million but sold $399.6 million to 21 deposit money banks at the rate of N156.05 at its twice weekly Retail Dutch Auction System (RDAS).

The naira appreciated at the official market on Monday, gaining N0.02k to close at N156.05/$ as against N155.07/$ Friday last week.

However, the local currency remained stable at the bureau de change and parallel market closing at N162.00/$ and N66.00/$, respectively.

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