{"id":442016,"date":"2011-06-16T03:49:57","date_gmt":"2011-06-16T03:49:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/16\/nigeria-naira-appreciates-by-one-percent-foreign-reserves-6-2-percent\/"},"modified":"2011-06-16T03:49:57","modified_gmt":"2011-06-16T03:49:57","slug":"nigeria-naira-appreciates-by-one-percent-foreign-reserves-6-2-percent","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/16\/nigeria-naira-appreciates-by-one-percent-foreign-reserves-6-2-percent\/","title":{"rendered":"Nigeria: Naira Appreciates By One Percent, Foreign Reserves 6.2 Percent"},"content":{"rendered":"<div readability=\"31.2237196765\">\n<hr class=\"thin clear\" \/>\n<hr class=\"thin clear\" \/>\n<p><a href=\"http:\/\/www.vanguardngr.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/allafrica.com\/img\/static\/publishers\/minibanners\/vanguard180.jpg\" alt=\"Vanguard (Lagos)\" title=\"Visit Vanguard (Lagos)\" \/><\/a><\/p>\n<p>15 June 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>Lagos \u2014 Naira appreciated the most in six weeks against the dollar after the Central Bank of Nigeria, CBN, data showed reserves have increased this month.<\/p>\n<p>The Naira jumped one per cent to N155.20 per dollar in the interbank market by 10:29 a.m. in Lagos, the largest intraday advance since May 5.<\/p>\n<p>Nigeria&#8217;s gross reserves stood at $34.1 billion as of June 13, a 6.2 per cent increase this month, according to CBN data. CBNGovernor Lamido Sanusi has been defending the naira by using foreign reserves in a bid to curb inflation. The bank attempts to keep the naira within a 3 percentage-point band above or below N150 per dollar at its twice-weekly auctions.<\/p>\n<p>&#8220;We still believe the naira should be stable on the N150 mark,&#8221; Victor Ndukauba, an analyst at Lagos-based Afrinvest West Africa Ltd., said by phone. &#8220;A lot of the surge in dollar demand in our view is more artificial than real. We should find some accretion of reserves.&#8221;<\/p>\n<p>Demand for dollars at CBN auctions peaked this year at $586.4 million on March 28, before dropping to as little as $277.1 million on April 27, during elections which returned incumbent President Goodluck Jonathan to power. Banks sought to buy $383.8 million at the last auction on June 13.<\/p>\n<p>The inflation rate fell to a revised 11.3 per cent in April from 12.8 per cent a month earlier. The CBN raised its benchmark interest rate half a percentage point to 8 per cent on May 24, a third increase this year, as it tries to stabilise the naira and bring inflation below 10 per cent.<\/p>\n<p><\/p>\n<fieldset>\n<legend align=\"center\"><strong>More News on allAfrica.com<\/strong><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<\/p>\n<p>More here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201106160056.html\" title=\"Nigeria: Naira Appreciates By One Percent, Foreign Reserves 6.2 Percent\" rel=\"noopener noreferrer\">Nigeria: Naira Appreciates By One Percent, Foreign Reserves 6.2 Percent<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 15 June 2011 Lagos \u2014 Naira appreciated the most in six weeks against the dollar after the Central Bank of Nigeria, CBN, data showed reserves have increased this month. <\/p>\n","protected":false},"author":0,"featured_media":442017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":{"0":"post-442016","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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