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Naira appreciates to N360.22/ $ in NAFEX – Vanguard

HomeNewsNaira appreciates to N360.22/ $ in NAFEX – Vanguard
20
Sep
Naira appreciates to N360.22/ $ in NAFEX – Vanguard
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By Peter Egwatu

The naira, yesterday, depreciated to N360. 22  per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.

Data from the Financial Market Dealers Quote, FMDQ showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX declined to N360.22 per dollar, yesterday, from N359.91 per dollar on Monday.

Hence the naira has depreciated by N1.31per dollar.

Meanwhile, in the parallel market, the naira yesterday appreciated to N367 per dollar from N369 per dollar recorded on Monday.

This represents a gain of N2.00 per dollar. Meanwhile, the Federal Government plans to auction N135 billion in bonds next week, the Debt Management Office said yesterday.

The DMO stated that it will sell N35 billion of bonds due in 2021 and N50 billion each of bonds due in 2027 and in 2037, using a Dutch auction system. Settlement is expected two days after the sale.

The bonds are re-openings of previous issues.

The Central Bank of Nigeria, CBN had lask week  Wednesday announced plans to sell N140.9 billion worth  of Treasury bills at an auction next week.

The Federal Government issues sovereign bonds each month to help fund its budget deficit, support the local debt market and maintain a benchmark for companies to follow.

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