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Chevron, Elf Inject $19.5m as Naira Slips Stories by Ayodele Aminu and Amarachukwu Ona The inflow of $12 million into the Nigeria's foreign exchange market failed to save the naira yesterday as it lost 3 kobo at the Dutch Auction System (DAS). At the close of business yesterday, N132.84 exchanged for one United States' dollar yesterday as against the N132.81 that ruled the market since last Thursday. Elf Petroleum Nigeria Limited which had Tuesday invited a select number of banks to bid for its forex sold $12 million, while Chevron Nigeria Limited that also sent out invitation yesterday, is billed to sell $7.5 million today. According to the summary of yesterday's transactions, out of the $100 million offered for sale by the apex bank Wednesday, the total amount demanded by 62 banks on behalf of their customers stood at $139.783,031.09, out of which bids amounting to $101,338,661.94 were successful. Unsuccessful bids therefore amounted to $30,153,116.13, disqualified bids stood at $8,291,253.02, while no bids emanated from unfunded accounts. The $101,338,661.94 sold to banks yesterday by the apex bank is 8.4 per cent or $7.8 million more than the $93,523,500.40 sold in the last trading session, while the $139.783,031.09 demanded is 12.8 per cent or $15.9 million more than the $123,932,683.34 demanded in the previous day's transaction. Further analysis indicated that the highest bid rate and the lowest bid rate stood at N134.00 and N130.90 per dollar, respectively. Cumulatively, the $101,338,661.94 sold to banks by the banking watchdog yesterday, brings to $24.431 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 Wednesday brings the total amount of foreign exchange that has been offered by the CBN since the debut of DAS to $18.197 billion. At the export proceeds market the naira exchange rate against the dollar stood at N133.60 per one US dollar, the parallel market rate stood at N139.50 per one US dollar. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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