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Naira Appreciates As Demand Drops Forex The slight depreciation suffered by the Naira two weeks ago was reversed yesterday with an appreciation of 4 kobo as demand for foreign exchange slid by per cent at the 198th edition of the Dutch Auction System (DAS). Addax Petroleum THIDAY checks revealed, was also said to have boosted the demand side of the forex market with the injection of $807,000 yesterday. At the close of business yesterday N132.80 exchanged for one United States' dollar. This is against the N132.84 per dollar that had ruled the market since 10 days ago. According to the summary of yesterday's transactions, out of the $100 million offered for sale by the apex bank Monday, total amount demanded by 60 banks on behalf of their customers stood at $94,339,225.19 out of which bids amounting to $90,867,375.19 were successful. Unsuccessful bids amounted to $45,000.00, disqualified bids stood at $3,426,849.45 while no bids emanated from unfunded accounts. The $90,867,375.19 sold to banks yesterday by the apex bank is 29 per cent less than the $127,768,668.84 sold in the last trading session, while the $94,339,225.19 demanded is 34 per cent less than the $142,592,893.61 demanded in the previous day's transaction. Further analysis indicates that the highest bid rate moved up slightly from N134.00 to N134.05 per dollar, while the lowest bid rate inched up slightly from N131.75 to N131.99 per dollar. Cumulatively, the $90,867,375.19 sold to banks by the banking watchdog yesterday, brings to $24.648 billion the total amount of foreign exchange that has been sold to banks by the CBN since the debut of the DAS July 22, 2002. Similarly, the $100 million offered to banks Monday brings the total amount of foreign exchange that has been offered by the CBN since the debut of DAS to $18.397 billion. At the export proceeds market the naira exchange rate against the dollar moved up from N133.30 to N133.60 per one US dollar. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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