Naira value slides against dollar
Headlines Thursday, July 28th, 2011The naira weakened against the U.S. dollar on the interbank market on Wednesday after the Central Bank of Nigeria (CBN) failed to meet banks’ demand for foreign currencies at its bi-weekly auction.
The naira traded at N152.95 per dollar at the interbank market, compared with N152.52 on Tuesday and weaker than N152.30 to the dollar on Monday.
At the bi-weekly foreign exchange auction, the naira lost some ground as the CBN sold $400 million at N150.46 to the dollar, short of the $518 million demanded and compared to $400 million sold at N150.26 on Monday.
“The naira depreciated after the Central Bank announced the result of its forex auction with unmet demand of about $118 million.The market simply took its cue from the depreciation at the official window,” one dealer said.
Traders had expected the naira to regain some strength on Wednesday in anticipation of dollar inflows from oil majors, but none of the energy firms sold dollars which created a supply gap in the market.
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