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Naira stabilizes at 363 against dollar

Nigeria’s currency naira appreciated on Wednesday after it closed at 363 exchanging for United State dollar. Although on the previous day, naira had closed at 346 to a dollar, and 365 on Friday.

According to the Debt Management Office, with the $195 million intervention fund the Central Bank of Nigeria injected into the inter-bank foreign exchange market on Tuesday, the Federal Government to raise nothing less than N330 billion in local currency in bonds by the end of fourth quarter.

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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