Nigerian naira appreciates against US dollar across market windows
Adesola Afolabi
July 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. […]
Nigeria’s central bank directs BDCs to access foreign exchange window thrice weekly
Businessam StaffMay 27, 2018
Central Bank of Nigeria has mandated all Bureau de Change Operators in the country to access foreign exchange at least three times weekly. A statement from Isaac Okorafor, the CBN acting Director, Corporate Communications, on Sunday indicated that the new directive would allow eligible travellers more access to foreign exchange and allow more liquidity to […]
Nigerian naira trades flat at N366/$1, dips 0.06% at I&E window
Adesola AfolabiMay 24, 2018
The exchange rates of the Nigerian naira to the American dollar closed flat Thursday at N366 in the parallel market, while it weakened by 0.06 percent to N361.65 in the I&E FX window. Total turnover in the IEW was lower by 56.6 percent at $108.27 billion, traded within the N359-N363/$ band. The apex bank injected […]
Nigeria’s central bank intervenes in forex market with yet another $210m
Businessam StaffMay 23, 2018
The Central Bank of Nigeria (CBN) has made available the sum of $210 million to meet customers’ requests in various segments of the foreign exchange market. In its quest to meet customers’ needs in the various segments of the market, the CBN offered $100 million to authorized dealers in the wholesale segment of the market, […]
MPC: Analysts call no rate change on capital flows volatility downsides
Steve OmanufemeMay 21, 2018
Analysts at Afri Invest Research have made a no rate change call as the monetary policy committee (MPC) meets this week. “As with all meetings since July 2016, we expect the committee to maintain status quo on all policy rates. We expect emphasis to be placed on the need to withstand a possible pass-through inflation […]