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Naira Gains 4 Kobo The Nigerian currency, the naira, continued its appreciation course at the 193rd session of the Dutch Auction System (DAS) yesterday, gaining 4 kobo against the United States Dollar. At the close of business, the naira exchange rate against the dollar stood at N132.80. This is against the N132.76, which had ruled the market since eight 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 66 banks on behalf of their customers stood at $157.7 million, out of which bids amounting to $112.067 million were successful. Unsuccessful bids therefore amounted to $34.5 million, while the amount for disqualified bids and unfunded account stood at $10.7 million and $53.182 million respectively. The $112.067 sold to banks yesterday by the apex bank is 34.11 per cent or $58.023 million less than the $170,090,543.18 sold in the last trading session, while the $157.7 million demanded is 23.7 per cent or $49.0 million less than the $206,758,362.36 demanded in the previous day's transaction. Further analysis indicates that the highest bid rate and the lowest bid rate stood at N134.90 and N130.80 per dollar, respectively. Reasons given by the banking watchdog for voiding some of yesterday's bids range from incomplete address; duplicated form 'm' numbers, purpose not explicit, multiple bids, all other rates below marginal rate as well as unfunded account. Cumulatively, the $112.067 sold to banks by the banking watchdog yesterday, brings to $24.022 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 $90 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 $17.897 billion. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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