Naira gains N42.88 against dollar weekly amid CBN auction system

The Naira gained N42.88 against the dollar at the foreign exchange on a week-on-week basis amid the Central Bank’s commencement of the Retail Dutch Auction System.

This is according to FMDQ data in the last seven days.

Last week Friday, August 2, 2024, the Naira exchanged at N1617.08 against the dollar but crashed to N1,574.20 this Friday at the official market.

Meanwhile, the Naira remained flat in the week under review at the black market.

Last week Friday, the Naira exchanged between N1600 and N1605 per dollar; the same rate was recorded this Friday.

The gains recorded in Naira are not unconnected with CBN’s introduction of RDUS in the FX market on Wednesday.

The apex bank disclosed that it sold $876.26 million to 26 banks at an N1,495 per dollar rate on Wednesday.

The gains in Naira came amid the hunger protests which commenced last week Thursday and affected economic activities in some states in the country.