Naira firms against dollar amidst strong demand

The naira on Friday strengthened against the US dollar gaining N1.05k at the interbank market to close at N160.50/$ compared to N161.55/$, data from the Financial Markets Dealers Association (FMDA) indicates.

Analyst said that although there was infl ow from the sale of dollars by oil companies, there was increased demand for the greenback by investors trying to position on treasury bills auction.

The local currency also appreciated at the parallel market, gaining 50kobo as it closed at N163.50/$ as against N164.00/$ the previous day.

Naira remained stable at the offi cial market and bureau de change closing at N155.75/$ and N163.00/$ respectively.

During the week, demand for foreign exchange had fell by $113.01million after the CBN held the fi rst Retail Dutch Auction System (RDAS).

The CBN offered $300 million but sold $186.99 million to dealer banks at N155.75/$ at its fi rst twice weekly RDAS.

Analysts are of the view that the CBN’s forex policy measures targeted at fi ghting against money laundering is beginning to have positive impact

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