Leadership (Abuja)
Justus Nduwugwe
2 October 2008
The Central Bank of Nigeria (CBN) has disclosed that foreign exchange offered for sale under the Wholesale Dutch Auction System (WDAS), remained at US$130.00 million as the week-ended September 19, 2008.
On the other hand, the Bank said that the aggregate demand for foreign exchange by authorised dealers increased from US$159.75 million to US$196.61 million, adding that the actual amount sold by the Bank during the trading week increased to US$79.86 million from US$60.50 million in the previous week.
Furthermore, it said that the inter-bank segment of the foreign exchange market, decreased by 50.32 per cent to US$386.00 million, from US$777.00 million during the week-ended September 26, 2008.
Also, the average number of participating banks at the WDAS auction decreased to 13 from 15 in the previous week. The average number of successful banks however, increased from 12 to 13.
The Bank also observed that the average exchange rate of the naira remained at N117.73 and the weighted average exchange rate of the naira slightly appreciated by 0.05 per cent to N117.72 per dollar. At the Bureau-De-Change (BDC) segment of the market, the naira traded at an average exchange rate of N119.00 per dollar as in the preceding week. Hence, the premium between the official and BDC rates remained at 1.1 per cent.
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