FX Window Records $1.323Billion Transactions In One Week

In a pointer to increasing confidence in Nigeria’s money market, interchange mercantilism at the Investors’ and Exporters’ (I &E) window notched a serious milestone once total market turnover rose to $1.323 billion in barely one week, mercantilism results from the FMDQ over-the-counter Securities Exchange showed at the weekend. Total trade worth for the week was a marked improvement, compared to the $803.1 million recorded within the preceding week. The surge in activities at Read more [...]

Nigeria Currency (Naira) Is Anticipated To Alternate Little Changed

The Nigerian Currency (Naira) is predicted to alternate little changed subsequent week as investors look ahead to the central bank’s decision on interest charge on Tuesday, which may want to have an effect on portfolio inflows and forex market liquidity. The Naira traded at round 360 to the greenback on Thursday for investors, who have been offering to sell the U.S. foreign money at 365 Naira, close to the black market charge of 367. On the respectable market, the Naira is quoted at 306, Read more [...]

Nigeria Currency (Naira) Seem To Depreciates Marginally Against Dollar

On Thursday the Nigeria Currency (Naira) depreciated marginally towards the dollar at the parallel market, replacing at N365.5 to the dollar. The News Agency of Nigeria (NAN) reviews that the Nigerian currency lost 50 kobo from N365 posted on Wednesday, whilst the Pound Sterling and the Euro closed at N487 and N436. At the Bureau De Change (BDC) window, the Naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N487 and N436. NOTE THE FOLLOWING: Trading Read more [...]

Naira To Take Cue From MPC Choice Next Tuesday

The Naira is anticipated to trade little alternate towards the United States dollar next week as investors watch for the Central Bank of Nigeria’s Monetary Policy Committee choice on pastime fee on Tuesday. After its two-day bi-monthly assembly held on Monday and Tuesday, the CBN Governor, Mr. Godwin Emefiele, said the committee would announce its coverage selections on September 26. Although Bloomberg survey confirmed that the policymakers would leave all the key economic policy units unchanged, Read more [...]

Oil Fee Rises To $57 Per Barrel

Oil prices rose on Wednesday in spite of a upward shove in US crude inventories with the market heading for its biggest third quarter gain in 13 years after the Iraqi oil minister said OPEC and its companions were thinking about extending or deepening output cuts. Brent crude futures rose to 56.20 greenbacks a barrel by 12:19 p.m. EDT (1619 GMT), while U.S. West Texas Intermediate crude futures received ninety one cents, or 1.8 per cent, to 50.39 dollars. Crude costs have been on path for a Read more [...]

Nigeria Currency (Naira) Closes At 365 Per Pollar Despite CBN Interventions

The Naira closed at 365 per United States dollar at the parallel market on Wednesday, the same charge it closed on Tuesday. This used to be regardless of the Central Bank of Nigeria’s injection of $250m in the foreign alternate market on Tuesday. The Naira had traded flat at 365/dollar on Monday, having closed at 365/dollar on Friday. The Federal Government had declared Friday and Monday public holidays. The CBN injected $250m into the a number segments of the inter-bank overseas alternate Read more [...]

Nigeria Currency (Naira) Appreciates Against Dollar

The Naira on Tuesday favored against the greenback at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian forex won N1 to alternate at N364 to the dollar, stronger than N365 posted on Friday, whilst the Pound Sterling and the Euro closed at N470 and N430. Trading at the Bureau De change (BDC) window noticed the Naira closing at N362 to the dollar, while the Pound Sterling and the Euro traded at N470 and N430. At the investors’ window, the Naira was bought at N360.39 Read more [...]

Nigeria Currency (Naira) Maintains N367 Per Dollar At Parallel Market

The Nigerian monetary unit on weekday remained stable at the parallel market, exchanging at N367 to a greenback, the press agency of Federal Republic of Nigeria reports. The Nigerian currency maintained its Friday rate, whereas the pound and also the monetary unit listed at N478 and N433 severally. Trading at the Bureau First State modification section saw the Nigerian monetary unit closing at N363 to the greenback, whereas the pound and also the monetary unit listed at N478 and N433, severally. The Read more [...]

Central Bank Of Nigeria (CBN) Intervenes With $364 Million Dollar

This is to notify the general public that Central Bank Of Nigeria (CBN) on Tuesday intervened in the interbank forex market to the tune of $364 million, in a bid to sustain liquidity in the market. A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95. The CBN also offered the sum of $100,000,000 to authorized dealers in the wholesale window. The Central Bank Of Nigeria (CBN) sources said the Read more [...]

Naira Hits 370 At The Parallel Market, Depreciating Further Against Dollar

This is to notify the general public that the Nigeria Currency (Naira) depreciated to N370 per dollar in the parallel market, dropping N3 in just three days and on Tuesday failed to consolidate on its gains in recent weeks. According to Mr Isaac Okororafor who is the CBN Acting Director, Corporate Communications Department, CBN is intervening in the inter-bank foreign exchange market to the tune of $364million in a bid to sustain liquidity in the market while the Retail Secondary Market Intervention Read more [...]