Exchanges of Naira for N210 against Dollar at BDC

The naira again on Wednesday appreciated in value against the dollar at the Bureau De change (BDC) segment of the foreign exchange and parallel market.

 

This is following the foreign exchange policy measures of the Central Bank of Nigeria (CBN), which currency dealers said was helping to strengthen the naira.

Consequently, on Wednesday, naira gained N9 or 4.1 percent each against the dollar at the BDC segment and parallel market.

After trading, the local currency closed at N210/$ compared with N219/$ traded the previous day at BDC segment, while it closed at N212/$ as against N221/$ the previous day at the parallel market.

However, at the inter-bank foreign exchange market, naira weakened by N0.40k or 0.21 percent as it closed at N197.63 on Wednesday from N197.23/$ the previous day.

The CBN auctioned N64 billion worth of T-Bills instruments today in the primary market, with respective stop rates of 10 percent and 13 percent on the 91-day and 182-day instruments, respectively.

Also, for the first time in the week, investors’ appetite grew as yields across the 1M, 2M, 3M, 6M, and 12M instruments all declined, save for the 9M instrument that advanced by 0.11 percent, according to Meristem Securities Limited.