Naira rebounds against dollar, now N363/$1


The Nigerian currency on Wednesday, made a marginal gain, thus closing at 363 per United States dollar.

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

This is coming barely three days after the Central Bank of Nigeria 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.

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.