Naira closes at 363/dollar

Naira closes at 363/dollarThe naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar.

The local currency had closed at 364/dollar on Tuesday, up from 365/dollar recorded on Friday.

The Federal Government declared Monday public day for the celebration of Nigeria’s independence.

The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m.

Meanwhile, the Federal Government is planning to raise between N270bn and N330bn in local currency-denominated bonds in the fourth quarter, according to the Debt Management Office.

The DMO said on Wednesday it would auction between N135bn and N165bn worth of bonds maturing in 2021 and the same amount of the debt maturing in 2027.

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 $7.5bn for its 2017 budget, which it is planning to raise in foreign loans from the World Bank, offshore and domestic markets.


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