Naira appreciates against the dollar at the interbank market

The local currency, naira appreciated against the dollar at the interbank segment of the foreign exchange market to N306.95 on Thursday from N307 against the dollar it opened this month.

Our correspondent gathered that dollar suffered the marginal loss against the local currency towards the end of September amid the trade war between United States and China.

Data from the FMDQ OTC Securities indicated that the Naira at the Investors & Exporters Foreign Exchange market window gained 0.01 per cent against the dollar to close at N362.46 from N362.25 it closed on Wednesday.

According to the FMDQ OTC, a total turnover of $136.83m was traded at the I&E FX on Thursday.

A look at the parallel market showed that the local currency remained unchanged at N360 to a dollar, same as the Euro, which stayed flat at N402.

However, the overnight lending rate widened by 43 basis points to 5.50per cent despite inflows from matured Open Market Operation bills worth N453.98bn.

According to analysts, OMO auction on Thursday revealed that the Central Bank of Nigeria issued instruments worth N318.91bn.

Activities in the Treasury bills market remained bullish, as the average yield declined by 23 basis points to 12.56per cent.

<<Punch>>