Naira notes

Naira Falls As Black Market Thrives

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Despite the sale of almost $350 million dollars by the Central Bank of Nigeria (CBN) at the first Retail Dutch Auction on Monday, the value of the naira continued to dip at the interbank market.

At the interbank market, the naira which sold for N158.79 to the dollar on Monday, further dipped in value by 0.63 per cent to sell at N159.8 to the dollar.

The CBN resumed its twice weekly RADS on Monday, offering $350 million of which $349.86 million was sold at the highest bidding price of N158 to the dollar. The apex bank sold the greenback at N155.72.

Last year January, the CBN resumed dollar sales offering $150 million which was taken up fully by the market and a subsequent $100 million offer on the second auction of which only $43 million was picked up.

At the black market, the value of the naira still remained at N172 to the dollar, the value it gained after the CBN suspended dollar sales last year for the holidays.

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