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The naira on Tuesday appreciated by 0.22% against Dollar to close at N318.14 at the inter-bank market, forty -nine days after the Central bank of Nigeria introduced the flexible exchange rate policy.
The currency slipped by 0.73% to N415.00 in parallel market.
The interbank market recorded an unprecedented inflow of USD327 million, on Monday with a single transaction of USD270 million by foreign investors.
This development drove interbank rate down to N305.5/ USD1, from last Friday’s closing rate of N314.95/ USD1.
Bank treasurers said the development came as foreign investors lined up to buy local currency bonds in response to the attractive rates in the bonds market.
Hitherto, liquidity in the forex market was largely driven by supply intervention from Central Bank of Nigeria, CBN, to douse tension and control escalating exchange rate.
Naira Watch: Tracking Nigeria's Currency [Day 48]
Monday Closed: 314.75
Today Open: N314.75
High Rate: N338.96
Low: N310.50
The currency slipped by 0.73% to N415.00 in parallel market.
The interbank market recorded an unprecedented inflow of USD327 million, on Monday with a single transaction of USD270 million by foreign investors.
This development drove interbank rate down to N305.5/ USD1, from last Friday’s closing rate of N314.95/ USD1.
Bank treasurers said the development came as foreign investors lined up to buy local currency bonds in response to the attractive rates in the bonds market.
Hitherto, liquidity in the forex market was largely driven by supply intervention from Central Bank of Nigeria, CBN, to douse tension and control escalating exchange rate.
Naira Watch: Tracking Nigeria's Currency [Day 48]
Monday Closed: 314.75
Today Open: N314.75
High Rate: N338.96
Low: N310.50
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