Naira Gains as Appetite for dollar Declines
Nigerian Naira improved against the Dollar at the interbank and the Central Bank of Nigeria’s bi-weekly forex auction. Specifically, at the interbank, the naira chalked up fifty four kobo to shut at N162.75 to a dollar Wednesday, as against the N163.29 to a dollar it closed the previous day.
On the opposite hand, at the CBN’s regulated auction, demand for the dollar fell by $49 million as solely $251 million out of the $300 million, that was offered by the regulator was sold.
Consequently, the naira gained four kobo to shut at N155.90 to a dollar, compared with the N155.94 to a dollar at the top of Monday’s auction. The CBN had offered $350 million at Monday’s auction.
Dealers said sale of regarding $50 million by Chevron and Addax at the interbank additionally supported the naira.
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