Image: nairanotes.wordpress.com

The naira appreciated further on the parallel market on Friday to close at N449 to the dollar, stronger than the N453 to a dollar it closed the previous day.

But the buy rate of the greenback appreciated to N445 to the dollar on the same day.

This is just as the country’s external reserves defied flunctuations in prices of crude oil in the international market and continued on the path of growth. The latest figures from the Central Bank of Nigeria (CBN) showed that the country’s external reserve was at $30.304 billion as at Thursday. At its current value, the external reserve has grown by $4.461 billion year-to-date.

The CBN had on Thursday said it had offered and received bids for $100 million from authorised dealers in the interbank market to meet the requests of genuine customers. The CBN spokesman who disclosed this had explained that the sales would be settled yesterday (Friday). He, however, disclosed that no intervention was made by the Bank to meet requests for invisibles on Thursday.

Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction-based foreign exchange demands by customers.

The CBN had on Wednesday sold of a total of $150 million through foreign exchange (FX) forwards.

During that auction, the highest bid rate was N335/$1 and the marginal rate was N320/$1. Okorafor had also said the highest rate of N335 was the same as the last auction rate of March 8, 2017.

He, however, added that there was a change in the marginal rate from N315/$1 during the last auction to Wednesday’s marginal rate of N320.

Author: Yemi Olarinre