The Central Bank of Nigeria (CBN) sold the dollar at its new target mid-band of 168 naira at its forex auction on Monday, depreciating the currency by 1.78 percent from 165 naira it had auctioned the unit at its previous auction, dealers said.
The bank sold around $169 million to lenders at the auction, short of meeting demand for the greenback, dealers said, pushing the excess demand to the interbank market. The bank devalued the naira by 8 percent against the dollar last week.
The naira hit 187.55 in the interbank market shortly after it opened, as dealers scrambled to fill demand orders not met at the central bank auction the previous day.
Wednesday, 3 December 2014
CBN auctions dollars at N168, close to its new mid-band
Unknown
Wednesday, December 03, 2014
No comments
Like on Facebook
Popular Post
-
The Nigeria Leadership Initiative (NLI), in the last eight years, has engaged in the exploration of leadership and values that challenges it...
-
BASSEY EDET , CEO, Crest Wave Consulting Company, a health, wellness and psychological fitness company, in this interview with KELECHI EWUZI...
-
Tony, a business owner has been facing, not the usual problems of marketing his products, but HR-related intrigues. The family of his former...
-
The Pension Reform Act, 2004 ushered in a uniformed Contributory Pension Scheme for workers in both the private and public sectors in Nigeri...
-
Over the years, the debate over the overbearing attitude of regulators as it concerns the ease of doing business in Nigeria has never been a...
-
Have you ever thought about where your spending habits come from? We all know that some of us have a hard time saving money, while others fi...
-
The education sector, particularly the private segment, dominated economic activity, generating most of the jobs in Nigeria’s formal sector ...
-
In a clear move to replicate feats already achieved in South Africa’s creative arts sector, Rand Merchant Bank (RMB) Nigeria Limited has unv...
-
Expectation is high in the property market that in the next 12 to 18 months when a good number of pipeline prime office space projects would...
-
A number of schools in the United States offer free course which interested individuals can take advantage of to deepen their professional e...
0 comments :