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Naira Rebounds at Dutch Auction

Posted by by Ayodele Aminu on 2005/08/12 | Views: 434 |

Naira Rebounds at Dutch Auction


The naira yesterday climbed slightly away from its recent lows, gaining 2 kobo against the United States dollar at the 59th edition of the Dutch Auction System (DAS).

The naira yesterday climbed slightly away from its recent lows, gaining 2 kobo against the United States dollar at the 59th edition of the Dutch Auction System (DAS).

At the close of business yesterday, one US dollar traded for N132.86. This is against N132.88 which ruled the market since about two weeks ago.

Out of the $130 million offered for sale by the apex bank Wednesday, total amount demanded by 56 banks on behalf of their customers stood at $143.72 million, indicating an increase of some $13.72 million over $130 million recorded at the previous trading session. Should this pattern of demand persist, the naira is likely to lose value against the United States dollar.

Ability of the CBN to preserve as well has build up the nationís foreign exchange has been responsible for the relative stability of the naira within the last 19 months when the incumbent Governor of the CBN came on board.

Nigeriaís foreign reserves at June 2005 stood at about $23.4 billion. With price of oil in the international market rising as high as $65 per barrel, Nigerians foreign reserves is expected to continue to build up.

Meanwhile, the apex bank however, sold $132.48 million to banks yesterday, indicating a decrease of $1.97 per cent over $134.45 million sold at the last trading session.

According to the summary of yesterday's results, the highest bid rate was N133.1, while the lowest bid rate stood at N132.25 per dollar.Disqualified bids accounted for $132.48.

Cumulatively, the $132.48 million sold to banks by the banking watchdog yesterday, brings to $7.45 billion the total amount of foreign exchange that has been sold to banks by the CBN since the beginning of this year.
Similarly, the $120 million offered to banks Wednesday brings the total amount of foreign exchange that has been offered banks by the CBN this year to $6.16 billion.

At the export proceeds market, the average naira exchange rate at the close of work yesterday stood at N137.90 per one US dollar.
At the parallel market, the average naira exchange rate was N144 per dollar at the close of business yesterday.



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