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Naira firms as CBN, oil majors supply dollar

News » Health and Beauty

24th June 2014

Naira on Monday strengthened against the US dollar by 0.14 percent or N0.22k at the inter-bank market following the supply of dollar by the Central Bank of Nigeria (CBN) and oil companies to the tune of $342.5 million and $101 million, respectively.

The CBN yesterday offered a total of $350 million but sold a total of $342.5 million to 23 deposit money banks at the rate of N155.73/$ at its bi-weekly Retail Dutch Auction System (RDAS).

Also, the local unit of French oil company, Total, sold around $101 million in the inter-bank market.

Consequently, naira yesterday closed at N162.68/$ compared to N162.90/$ traded on Friday last week, data from Financial Markets Dealers Quotations have revealed.

Foreign dealers said demand for dollars was coming from foreign investors repatriating dividends from the equity market abroad, foreign airlines converting naira ticket sales and bureau de change buying hard currency for their clients.

Article Credit: Business Day News

Updated 5 Years ago

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