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The foreign exchange daily turnover rose by 45.67 percent on Wednesday at the Investors and Exporters forex window. It closed at $146.09 million from $100.09 million recorded on Tuesday, according to data from FMDQ.
However, naira depreciated by N1.40k at the window as it closed at N361.00k per dollar from N359.60k quoted on Tuesday.
The local currency traded stable at the inter-bank spot foreign exchange closing at the rate of N305.70k per dollar. It also closed at N368 per dollar the same level it traded the previous day at the black market.
Under foreign exchange fixing, naira closed at N360.58k per dollar on Tuesday at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) indicating a slight gain of 0.08 percent compared to N360.66k/$ traded on Monday. It remained stable at Nigerian Foreign Exchange Fixing (NiFEX) closing at N328.27k.
The Central Bank of Nigeria (CBN) plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on August 30, 2017.
he bank will offer N26.14 billion in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.
The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity, Reuters report.
Nigeria is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, its finance minister has said.
HOPE MOSES-ASHIKE
