The Central Bank of Nigeria (CBN) last week auctioned Treasury Bills (T-Bills) worth N232.63 billion via Open Market Operations (OMO).
The outflow was partly offset by N216.04 billion in matured T-bills.
Also, commercial banks through the Standing Deposit Facility (SDF) deposited N736.52 billion to CBN, outweighing Standing Lending Facility (SLF) worth N297.32 billion by 247.72per cent; indicative of liquidity surplus.
Merchant and Deposit Money Banks (M&DMBs) requested the standing facilities to square-up their positions by borrowing from the CBN (SLF) or depositing excess funds (SDF) at the end of each business day.
However, the Naira appreciated week-on-week (w-o-w) against the Dollar at the Investors & Exporters Forex Window (I&E FX) by 0.02 per cent to close N360.91 amid 0.38 per cent week to date decrease in foreign reserves to $47.42 billion as at June 7, 2018.
The local currency strengthened against the Dollar at the parallel market and the Bureau De Change (BDC) segments by 0.28per cent each to close N362/Dollar and N360/Dollar respectively on increased dollar supply to the BDCs.
The Naira/Dollar rate remained unchanged at the interbank foreign exchange market at N330.00/Dollar amid weekly injections by the CBN of $210 million into the foreign exchange market; of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles