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Demand Slides to $81.8m at DAS Forex By Ayodele Aminu Demand for foreign exchange yesterday continued its deceleration course at the Dutch Auction System (DAS), recording a drop of some 22 per cent. The naira exchange rate however remained stable at N132.75 per one United States' dollar at the close of business yesterday, bringing to five weeks the period within which the naira had remained stable against the dollar. Banks on behalf of their customers demanded $86,441,532.02 out of daily budget of $100 million usually offered by the apex bank. This indicates a $23.9 million decrease over the $110,377,410.45 demanded at the previous trading session on Tuesday. The apex bank however sold $81,852,086.17, indicating a decrease of $19.7 million or 19.3 per cent over the $$101,640,998.40 purchase by 63 banks in the previous trading day. Unsuccessful bids therefore stood at $465,111.20, bid from unfounded accounts amounted to $922,166.33, while disqualified bids stood at $3,202,168.33. Further analysis of yesterday's DAS results shows that the lowest bid rate was N132.40 per dollar, while the highest was N134. Cumulatively, the $81,852,086.17 sold to banks by the banking watchdog yesterday, brings to $22.88 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 $17.587 billion. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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