Naira in marginal gain as street forex market shows relative stability
Afolabi Oluwaseun
August 2, 2018
The naira on Wednesday gained marginally as it traded N359 to the dollar at the parallel market in Lagos after a 10-day stable streak. However, the Nigerian currency declined against other major world currencies as it traded N478 and N417 against the pound sterling and euro respectively from N480 and N418 previously. A business a.m. […]
Street forex market stable as dollar trades at N360
Afolabi OluwaseunJuly 24, 2018
The naira on Tuesday remained stable at the parallel market in Lagos exchanging at N360 to the dollar. The Nigerian currency had exchanged at the same rate on July 23, while the pound sterling and euro closed at N478 and N418 respectively. A cross-section of street markets in Ikeja showed the dollar traded at N360 […]
Streets forex trading holds firm as dollar average N361
Afolabi OluwaseunJuly 18, 2018
Wednesday monitoring of Nigeria’s ubiquitous street market for foreign exchange by business a.m. in Lagos, showed the dollar began the day trading at N360/N361 and remained unchanged throughout the day. The currency was bought by traders at N356 in the morning, climbing to N357/N358 later in the day. The British pound sterling was bought by […]
CBN sustains intervention at forex market, injects fresh $210m
Businessam StaffJuly 17, 2018
The Central Bank of Nigeria (CBN), Tuesday, July 17, 2018, injected the sum of $210 million into the inter-bank foreign exchange (forex) market. The bank offered $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the sum of $55 million, just as $55 […]
Nigerian naira appreciates against US dollar across market windows
Adesola AfolabiJuly 10, 2018
The Nigerian naira traded 0.3 percent higher against the American dollar at N361 on the streets Tuesday in contrast to N362 it exchanged Monday while it grew by 0.02 percent to N361.91 in the investors and exporters foreign exchange window (IEW). However, total turnover in the IEW dropped by 40.55 percent to $106.46 million, with […]
Forex Market gets CBN’s $210 million boost
Businessam StaffJuly 10, 2018
The inter-bank Foreign Exchange Market has received the sum of $210 million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market. Specifically, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the small and medium enterprises (SMEs) segment got the […]
Naira outlook remains stable on CBN continued intervention
Adesola AfolabiJune 3, 2018
The near term outlook for the naira remains stable on the continued intervention of the Central Bank of Nigeria in the foreign exchange market, according to analysts. They forecast that exchange rate of the local currency would continue to trade within tight bands premised on the Apex bank’s ability to support foreign exchange market liquidity […]
Nigeria’s central bank sustains forex market intervention
Businessam StaffMay 30, 2018
The Central Bank of Nigeria (CBN) Wednesday, again sustained its supply in the inter-bank foreign exchange market with the sum of $210 million. The Bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market while interests in the Small and Medium Enterprises (SMEs) segment received the sum of […]
FX market seen stable on the CBN’s continuous intervention
Adesola AfolabiMay 28, 2018
This week, the market would trade stable on the back of CBN continued weekly FX intervention sales. Despite the onset of the holiday season with an appreciable rise in demand, the CBN efforts would stabilise rates against the major world currencies, especially the U.S. dollar. More so, accretion in the nations foreign reserves would give […]
Expectations of rate moderation to buoy treasury bills market
Businessam StaffMay 28, 2018
With the Central Bank of Nigeria (CBN) scheduled to repay N99.2 billion maturing treasury bills this week and only rolling over N49.6 billion in line with the FGN’s debt strategy to reduce domestic borrowings, analysts are anticipating a further moderation in rates at the auction and hence expect the secondary market to remain more attractive. […]