Nigerian naira inches toward N400/$ depreciates 0.12% at investors, exporters window
Adesola Afolabi
May 31, 2018
The Nigerian naira depreciated on Wednesday against the dollar by 0.12 percent to N362.02 in the investors and exporters (IEW)– highest since August 2017— while it strengthened by 0.82 percent to N363 in the parallel market. Total turnover in the IEW fell by 45.11 percent to $176.98 million, consummated within the N359-N363/$ range as against […]
Nigeria central bank reflate forex market with $100m, warns against speculative purchases
Businessam StaffMay 24, 2018
In an apparent move to safeguard the interest of customers seeking to purchase foreign exchange for personal obligations and checkmate any attempt at causing panic in the market, the Central Bank of Nigeria (CBN) has released the sum of $100 million into the Nigerian Forex market. The release, which is coming barely 24 hours after […]
Nigerian naira weakens 0.28% at parallel market as DMO re-opens bond offers Wednesday.
Businessam StaffMay 22, 2018
The exchange rates of the Nigerian naira to the American dollar weakened Tuesday by 0.28 percent to N364 in the parallel market, while it strengthened by 0.02 percent to N361.41 in the I&E FX window. Total turnover in the I&E window improved significantly by 155.16 percent to $259.05 million, traded within the range of N359.00-N363.50/$. […]
Naira to trade stable on CBN interventions despite decline in foreign reserves
Businessam StaffMay 21, 2018
The naira is expected to trade stable at the various foreign exchange windows on CBN continued intervention in the in the market. “Whilst we believe increased demand for the US dollar could weigh on foreign reserves, we expect the impact of CBN weekly intervention in the FX market to keep rates at similar levels across […]
Nigeria central bank lifts inter-bank retail forex market with $293m
Businessam StaffMay 18, 2018
The Central Bank of Nigeria (CBN) on Friday, May 18, 2018 lifted the retail secondary market intervention sales (SMIS) of the inter-bank foreign exchange market with the sum of $293 million. A statement from Isaac Okorafor, the bank’s acting director, corporate communications department, confirming the figures, indicated that the sum, as in previous interventions, were […]
Key market themes to watch this week
Businessam StaffMay 14, 2018
Domestic market It will certainly be an eventful trading week for the Nigerian markets, with key inflation data in focus. The inflation figures for April, scheduled for release on Thursday, could shape expectations over when the Central Bank of Nigeria will cut interest rates this year. Any signs of easing inflationary pressures may heighten speculation […]
Naira drops at parallel, official window trades at N363/$1 as players anticipate tighter liquidity on Thursday
Adesola AfolabiMay 9, 2018
The Nigerian naira fell by 0.28 percent and 0.14 percent when it exchanged for N363 and N361.14 to one United States dollar on the parallel market and Importers & Exporters forex (I&E) window, respectively on Wednesday. These were in contrast to N362 traded in the parallel market, and N360.64 at the I&E FX window, respectively […]
Nigerian naira trades lower on Monday
Businessam StaffMay 7, 2018
The dollar to naira rate depreciated by 0.04 percent as the Naira settled at N360.91 in the I&E FX window, while it remained flat at N362 in the parallel market on Monday. Total turnover in the I&E FX window inched lower by 0.65 percent to $232.68 million. This is just as the apex bank injected […]
Nigeria naira gains 0.04% Wednesday
Businessam StaffMay 2, 2018
The Nigerian naira appreciated marginally 0.04 percent to N360.51 against the dollar at the official market Wednesday, May 02, 2018, while it closed flat at N362 in the parallel market. Total turnover in the I&E FX window improved significantly by 112.49 percent to $362.52 million, traded within the N357-363.50/$ band. At the fixed income and […]
Improved system liquidity to steady rates as CBN staggers mop-ups
Businessam StaffApril 15, 2018
The improved system liquidity in the past weeks is expected to continue into the new week and keep rates steady according to an analyst. Money market rates had moderated in recent weeks with liquidity remaining high at above N500 billion, following the strategic intermittent mop-ups by the Central Bank of Nigeria (CBN) And the money […]