CBN Awards $29.5M FX Auction to Nine Banks
During Thursday's FX auction, the Central Bank of Nigeria (CBN) provided a sum of $29.5 million, while nine banks submitted bids ranging from N765 to N775 at the Investors and Exporters (I&E) window.
However, data from the FMDQ revealed that the currency experienced a 0.25 percent depreciation on Thursday at the I&E forex window. The dollar was quoted at N765.13 compared to the previous day's rate of N763.17.
The depreciation of the naira was attributed by traders to a surge in demand for dollars, primarily driven by individuals seeking currency for purposes such as education, tourism, and business-related travel.
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