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WDAS: Naira appreciates further by 12 kobo

The nation’s curren cy appreciated by another 12 kobo at the official segment of the foreign exchange market on Monday.

At the end of the Wholesale Dutch Auction System (WDAS) held on Monday, N148.48 exchanged for one dollar as against N148.6 the previous week.

Last week, the increased supply of foreign exchange from the Central Bank of Nigeria (CBN) and oil firms occasioned a marginal appreciation of the naira against the dollar in the official market and the interbank market.

The official market dropped 3kobo to close at N148.6 per dollar from N148.94 per dollar the following week.
The interbank market rate also dropped to N151.46 per dollar from N151.46 per dollar.

At the parallel market, the naira gained 50 kobo as the exchange rate dropped to N151.5 from N152 the previous week.
Market operators said that though demand for foreign exchange at the official market would continue to be high, they expect the apex bank to ensure adequate supply in a way that will forestall any sharp movement in the exchange rate.

Meanwhile, on the international scene, the euro fell against the dollar on Monday, hovering close to nine-month lows as investors waited to see whether meetings of European finance ministers would result in further support for Greece.

There were few expectations the meetings on Monday and Tuesday would yield specific measures to bail out Greece, and most analysts expect uncertainty to keep the euro weak.

“The market is already positioned for more falls in euro/dollar, it just needs the impetus to continue that,” said Niels Christensen, currency strategist at Nordea in Copenhagen.

Eurogroup Chairman, Jean-Claude Juncker, said on Monday that Greece must cut its budget deficit by 4 percentage points this year.He said a mid-March assessment will show if Greece needs additional fiscal cuts.


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