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

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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