Naira Maintains Gain Following CBN Intervention

The intervention by the Central Bank of Nigeria, CBN, has helped the naira to continue to regain it's stance after closing at N363 to the dollar on Wednesday.

Recall that there was no trading on Monday, following the declaration of public holiday by the Federal Government to celebrate the Independence Day.

However, the naira had closed at N364 against the green back currency on Tuesday, a lift from the N365 that was recorded on Friday.

In order to ensure the public holiday does not have an effect on the naira, there was an intervention by the Central Bank of Nigeria on Tuesday in the inter - bank foreign exchange market with the sale of $195 million

Meanwhile, the Debt Management Office, DMO has disclosed plans by the Federal Government to raise about N270 billion and N330 billion in local currency-denominated bonds in the fourth quarter of the year, adding that between N135 billion and N165 billion worth of bonds maturing in 2021 and same amount of debt maturing in 2027 would be auctioned.

In its latest issuance calendar, the debt office said the bonds would be re-opened from previously issued debt.

The Federal Government is expecting a shortfall of $7.5 billion for its 2017 budget, which it is planning to raise in foreign loans from the World Bank, offshore and domestic market.

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