$400million Pumped Yesterday Alone Yet Dollar Still Trading At N166

The Central Bank of Nigeria (CBN) yesterday increased its supply of the dollar at the Retail Dutch Auction System (RDAS) to $400 million representing an increase of 33 per cent, compared to the $300 million that it had been supplying at the recently re-introduced bi-weekly forex market.

However, this was not enough as the total amount purchased by the 21 banks that participated in the auction was $399.641 million The naira gained marginally by 2 kobo as it closed at N156.05 to a dollar at the RDAS, compared to the N156.07 it was last Wednesday.

But at the interbank market, the nation’s currency appreciated slightly by five kobo to close at N158.70 to a dollar. It was also stable at bureaux de change and parallel markets yesterday as it closed at N162 and N166 to a dollar respectively.

Source: Thisday