Naira Gains as CBN Sells over $300million to Banks

The naira appreciated against the dollar to 1,582/$ at the close of trading activities at the official market on Monday.

According to data obtained from FMDQ securities, the increase was N12 or 0.75 per cent from N1,594 recorded at NAFEM on Friday.

At the black market, the naira slipped slightly to between N1,555/dollar and N1,560/dollar, following market sentiment.

The local currency, which peaked at a lowest of 1,900/dollar on Thursday rebounded to 1,500/dollar on Friday, following EFCC raids on currency speculators.

However, the local currency depreciated slightly against the dollar at N1,555/$ on Monday evening,  according to data collated from some street traders.

The rise in naira value was due to market sentiment as the EFCC continued to clamp down on black market operators across Abuja and Lagos.

Last week, operatives of the Economic and Financial Crimes Commission arrested over 250 BDC operators at the popular Wuse Zone 4 market. That street was however completely deserted when our correspondent visited on Monday afternoon.

Upon enquiries, it was gathered that sales were conducted at the offices of the currency traders as stipulated by the CBN.

Meanwhile, the Central Bank of Nigeria (CBN) sold over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate.

The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo made available to its members, according to a PUNCH report.