The naira on Thursday gained N10 against the dollar on the parallel market also known as the black market, after the Central Bank of Nigeria (CBN) auctioned $876.26 million through the retail Dutch auction system.
The local currency, which quoted as low as N1,620 on Wednesday, recovered to N1,610 on Thursday morning, gaining 0.62 percent against the dollar on the black market.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira gained 0.28 percent as the dollar was quoted at N1,596.52 on Wednesday from N1,601 quoted on Tuesday, data from the FMDQ Securities Exchange Limited indicated.
The dollar supplied by the willing sellers and willing buyers at NAFEM increased by 51.73 percent to $93.92 million on Wednesday from $61.90 million recorded on Tuesday.
According to the foreign exchange market summary, the intraday high printed at N1,628 per dollar on Wednesday as against N1,623 on Tuesday, while the intraday low closed at N1,520 from N1,560 closed at on Tuesday.
The CBN on Wednesday auctioned a total of $876.26 million to qualified 26 banks through retail Dutch auction, aimed at strengthening the naira.
The CBN approved a cut-off rate of N1495/US$ for the Retail Dutch Auction. The apex bank said its policy objectives are yielding tangible results and bolstering market confidence.(BusinessDay)
