Connect with us

Business

Naira eases against dollar, closes at N282

Published

on

BDCs to get $50, 000 weekly as CBN increases sales benchmark

The Naira on Monday closed at N282 to the dollar, indicating a very marginal decline when compared with the closing figures for Friday.

The Central Bank of Nigeria (CBN), in furtherance of the new forex framework, sold an undisclosed amount of dollars on Monday in a bid to sustain trading and boost liquidity.

However, the interbank market traded a total volume of $32 million just before the market closed which traders attributed to central bank’s intervention.

The Buhari-led All Progressives Congress government has wavered for nearly a year and half before conceding to a devaluation of the Naira in the face of catastrophic decline in oil revenue.

The CBN, about a week ago, sold dollars at an auction to clear a backlog of demand and keep markets active. Hopes of increased forex supplies to the market remains deem as the apex bank retains its position as the major supplier of hard currency to the market.

However, traders continue to believe that the market will experience an upswing, with more breather for the Naira, given assurances by the Minister of State for Petroleum Resources, Ibe Kachikwu, that revenue generation will improve as oil supplies average 1.9million barrels per day (bpd) in the coming weeks.

 

Ripples Nigeria…without borders, without fears.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now