The nation’s currency, the naira, yesterday weakened against the US dollar, losing N0.71k at the inter-bank market.
Naira yesterday closed at N161.75/$ compared to N161.04 traded the previous day, data from the Financial Markets Dealers Quotation (FMDQ) have stated.
Analysts attributed the naira depreciation to increased demand for the greenback by the end users.
According to Ecobank market report, the NGN was steady against the USD in the inter-bank (-0.5% YTD) on April 14. Recent stability was largely due to stronger than expected USD supplies, partly driven by state-owned enterprises, oil companies and inflows into government securities via OTC market.
The CBN on Monday offered a total of $400 million but sold a total of $375.8 million to 19 deposit money banks at the rate of N155.73/$ at its bi-weekly Retail Dutch Auction System (RDAS). Also, the local unit of Addax sold $10 million.
HOPE MOSES-ASHIKE
