Naira weakened against the us dollar yesterday, losing N0.24K at the foreign exchange market as it closed at N158.96/$ as against N158.72/$ the previous day, data from Financial Markets Dealear Quotation(FMDQ) have revealed.
This is in spite of the intervention of The Central Bank Of Nigeria(CBN) at the Retail Dutch Action System(RDAS) window.
Analysts beleive that naira depreciation was due to the increased demand for the greenbatenor,30 days tenor and 60 days teck by the end users.
The CBN yesterday offered $300million but sold a total of $299.9million to 21 deposits money banks at N155.72$ at its bi-weekly RDAs.
Interest rates at the inter bank markets yestereday rose by 2.29% from 11.57% the previous day to 11.84% yesterday.
Consequently,call tenor increased to 10.83% from 10.58% the previous day.Similarly,7 days tenor,30 days tenor and 60 days tenor climbed from 10.95%,11.68%,and 11.95% the previous day to 11.12%,11.58% and 11.87% respectively.
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