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CBNs $399.9m intervention strengthens naira at interbank, official markets

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IMAGE: Naira to Dollar Exchange »



The naira Monday firmed up against the US dollar at both the official and interbank markets following the intervention of the Central Bank of Nigeria (CBN) at Retail Dutch Auction System (RDAS) window.

The CBN Monday offered $400 million but sold $399.9 million to 19 deposit money banks at the rate of N155.80/$ at its twice weekly RDAS.

Consequently, naira on Monday gained N0.25k at the official market as it closed at N155.80/$ as against N156.05/$ on Monday.

At the interbank market, naira Monday gained N0.56k against the dollar where it closed at N158.80/$ compared to N159.36/$ the previous day.

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

Money market yesterday experienced liquidity squeeze.


Article Credit: Business Day Newspaper

Updated 5 Years ago

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