Data from the Financial Markets Dealers Association (FMDA) has indicated that  naira yesterday improved against the US dollar gaining 34 kobo at the inter-bank market to close at N162.76/$ compared to N163.10/$ traded on Friday.

CEOAFRICA news desk gathered from the illustration of analysts that the appreciation yesterday is as a result of the intervention of $300 million by the Central Bank of Nigeria (CBN).

According to the report, the CBN yesterday offered $300 million but sold $258.5 million to 20 deposit money banks (DMBs) at its bi-weekly Wholesale Dutch Auction  (WDAS) at N155.76/$.

Naira, however, remained stable at official, bureau de change and parallel markets closing at N155.76/$, N163.50 and N164.00/$, respectively.

Interest rates on the other hand increased by 2.97 percent from 12.76 percent on Friday to 13.14 percent yesterday.

Consequently, call tenor climbed slightly to 12.29 percent from 11.66 percent, the previous day and similarly, 7 days and 30 days tenors increased from 12.00 percent and 12.45 percent the previous day to 12.58 percent and 12.87 percent, respectively.