Vunderkind
Social Member
The naira was stable against the United States dollar at the Retail Dutch Auction System (RDAS) arm of the forex market yesterday as it maintained its value of N155.75 to a dollar. The CBN offered a total of $400 million while it sold $399.731 million to the 22 banks that participated in the auction.
At the interbank segment of the forex market, the nation’s currency which climbed to N166.20 to a dollar early yesterday, closed higher at N165.97 to a dollar. Dealers told Reuters that the panic observed in the market in the last two trading session was starting to subside, especially since the Central Bank of Nigeria (CBN) had shown willingness to intervene to prop up the naira.
The suspension of Sanusi Lamido Sanusi as CBN governor over allegations of financial recklessness had triggered panic across the financial markets. This also led to huge forex demand especially by offshore investors.
Source: UgoMetrics
At the interbank segment of the forex market, the nation’s currency which climbed to N166.20 to a dollar early yesterday, closed higher at N165.97 to a dollar. Dealers told Reuters that the panic observed in the market in the last two trading session was starting to subside, especially since the Central Bank of Nigeria (CBN) had shown willingness to intervene to prop up the naira.
The suspension of Sanusi Lamido Sanusi as CBN governor over allegations of financial recklessness had triggered panic across the financial markets. This also led to huge forex demand especially by offshore investors.
Source: UgoMetrics