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Nigerian naira on Wednesday depreciated by 0.54 percent to 370 against the United States dollar at the parallel market.
The currency gained N2 to close at 465 against the pound sterling and maintained rate at 410 to the Euro at the parallel market.
At the official market, the naira gained 0.02 per cent to close at 305.9o to the dollar and also gained o.36 per cent to close at 368.67 at the investors and exporters forex window on the FMDQ trading spot.
This development is coming as the Central Bank of Nigeria (CBN) sell $100 million at a special foreign exchange auction on Wednesday as the local currency held steady in all segments of the foreign exchange market.
In a notice to commercial lenders, the regulator said the dollar auction would be for spot and forward deals which would be settled within the next 60 days.
The central bank has been intervening on the official market in the last few months to try to narrow the spread between rates on the official market and black market. It has sold over $5 billion since February.
The currency gained N2 to close at 465 against the pound sterling and maintained rate at 410 to the Euro at the parallel market.
At the official market, the naira gained 0.02 per cent to close at 305.9o to the dollar and also gained o.36 per cent to close at 368.67 at the investors and exporters forex window on the FMDQ trading spot.
This development is coming as the Central Bank of Nigeria (CBN) sell $100 million at a special foreign exchange auction on Wednesday as the local currency held steady in all segments of the foreign exchange market.
In a notice to commercial lenders, the regulator said the dollar auction would be for spot and forward deals which would be settled within the next 60 days.
The central bank has been intervening on the official market in the last few months to try to narrow the spread between rates on the official market and black market. It has sold over $5 billion since February.