Naira maintains grip, closes at 364 per dollar


LAGOS, JUNE 15, 2017 – The naira closed flat at 364 per United States dollar on Wednesday, the same rate it closed on Monday and Tuesday.

This is despite a $414m injection into the foreign exchange market by the Central Bank of Nigeria on Monday.

The naira had posted a marginal gain against the United States dollar at the parallel market on Monday, closing at 364/dollar.

The local currency closed at 365/dollar on Sunday.

The local currency closed at 371/dollar about two weeks ago, having appreciated to 374/dollar from 382/dollar recorded the previous week.

Following the CBN’s continued supply of the dollar to the forex market, the local currency has recorded major appreciation from its all-time-low of 520/dollar.

Meanwhile, the CBN is planning to sell N133.24bn ($424m) worth of Treasury bills at an auction next week.

The CBN said on Wednesday that it was planning to offer N28.12bn worth of three-month debt, N55.12bn in six-month bill and N50bn in one-year note, using the Dutch auction system on June 21.

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