Library - Africa

LAGOS — The Naira, yesterday, recorded first appreciation at the official foreign exchange market, gaining 21 kobo against the dollar.

The appreciation was occasioned by increased supply by the Central Bank of Nigeria (CBN) and decline in demand at the bi-weekly foreign exchange auction conducted yesterday. The CBN offered $400 million, which is $100 million higher than what was offered in each of the three previous auctions.

Demand, however, fell by 25 per cent to $324 million from $431 million on Monday. Consequently the naira gained 21 kobo as the official exchange rate rose dropped to N152.75 per dollar from N152.96 per dollar on Monday.

The naira has been depreciating against the dollar since Monday March 7 when it appreciated by three kobo as the official exchange rate dropped to N150.68 from N150.71 per dollar. Between March 7 and April 18, the naira has depreciated by 228 kobo, with the official rate rising to N152.96 before the appreciation of yesterday.

However, the naira fell slightly at the interbank market yesterday as the interbank rate rose to N154.55 to N154.70 per dollar, indicating 15 kobo depreciation for the dollar

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