Naira rises to two-month high against British pound, dollar slides further

The pound depreciated to as low as N237.43, the lowest since early July, down from N241.91 it was last week. The euro also fell to N219.01 from N221.34 within the period in review.


The US dollar slipped further down as it fell to N149.51 from N151.01 as at last week.

Last week, about N147 billion was pumped into the system from the distribution of crude oil savings to federal agencies and repayments of matured treasury bills.

At the parallel market the US dollar rose from N155 per dollar the previous week to N157 Yesterday. The pound also sold for N260 the same as last weeks while the euro increased from N225 to N230 this week.

Meanwhile, last week, the inter-bank lending rates rose to 11.33 per cent on average from 9.16 per cent the previous week as demand for credit outweighed available naira cash in the system.

The secured Open Buy Back (OBB) closed higher at eight per cent from seven per cent last week and 200 basis points above the central bank’s 6.0 per cent benchmark rate.

Overnight closed at 11 per cent against 9.5 per cent, while call rose to 12 per cent from 11 per cent previously.

By Tosin Fodeke

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