Naira maintains stability, closes at 364 per dollar

The naira closed flat at 364 per United States dollar on Wednesday, the same rate it closed on Monday and Tuesday.

This is despite a $414m injection into the foreign exchange market by the Central Bank of Nigeria on Monday.

The naira had posted a marginal gain against the United States dollar at the parallel market on Monday, closing at 364/dollar.

The local currency closed at 365/dollar on Sunday.

The local currency closed at 371/dollar about two weeks ago, having appreciated to 374/dollar from 382/dollar recorded the previous week.

Following the CBN’s continued supply of the dollar to the forex market, the local currency has recorded major appreciation from its all-time-low of 520/dollar.

Meanwhile, the CBN is planning to sell N133.24bn ($424m) worth of Treasury bills at an auction next week.

The CBN said on Wednesday that it was planning to offer N28.12bn worth of three-month debt, N55.12bn in six-month bill and N50bn in one-year note, using the Dutch auction system on June 21.

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