The Naira increased by N42.88 against the dollar on a weekly basis as the Central Bank launched the Retail Dutch Auction System RDUS.
This is based on FMDQ statistics from the last seven days.
Last Friday, August 2, 2024, the Naira exchanged at N1617.08 versus the dollar, but fell to N1,574.20 this Friday on the official market.
Meanwhile, the Naira remained flat in the week under review on the black market.
Last Friday, the Naira exchanged between N1600 and N1605 per dollar, and the similar rate was witnessed this Friday.
The Naira’s advances are linked to the CBN’s introduction of RDUS in the FX market on Wednesday.
On Wednesday, the apex bank said that it sold $876.26 million to 26 banks for N1,495 per dollar.
The Naira’s advances came amid hunger protests that began last Thursday and impacted economic activity in various states throughout the country.
