The Nation Newspaper

Tag: parallel market

  • Naira depreciates further at parallel market

    The Naira on Friday depreciated further against the dollar at the parallel market in Lagos, exchanging at N363 to the dollar, weaker than N362.5 traded on Thursday.

    The pound sterling and the euro were sold at N478 and N418, respectively.

    At the bureau de change window, the naira exchanged at N360 to the dollar while the pound sterling and the euro were sold at N478 and N418, respectively.

    Trading at the investors’ window saw the naira closing at N364.01 while the daily market turnover stood at 108.17 million dollars.

    A reliable  source at the foreign exchange market told the News Agency of Nigeria (NAN) that political activities and importers’ demand for end-of-the-year shipments were responsible for the spike in the exchange rate.

    He added that anxiety and uncertainty in the market also contributed to the depreciation of the naira. (NAN)

  • Naira stable at N360 to dollar at parallel market

    The naira remained stable against the dollar at the parallel market in Lagos on Friday, still exchanging at N360 to the dollar.

    The naira was, however, traded against Pound Sterling and the Euro at N478 and N417, respectively.

    At the Bureau De Change (BDC), the naira was sold at N360 to the dollar, while its rates against the Pound Sterling and the Euro were N478 and N417, respectively.

    At the investors’ window, the naira closed at N364.12 against the dollar where a market turnover of 295.08 million dollars was achieved.

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    The naira closed at N306.45 to the dollar at the official CBN window.

    Traders said that the market had remained active as political activities had begun gradually across the country.

  • Naira gains marginally against dollar at parallel market

    The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria  reports.

    The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.

    At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.

    The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window.

    Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa.

    Emefiele in an interaction with newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, added that the foreign exchange market had remained stable.

    According to him, the apex bank had enough buffers to defend the naira.

  • Naira records further gains against dollar

    Naira records further gains against dollar

    The Naira on Thursday recorded further gains against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency gained 0.5 points to close at N366.5 to a dollar, stronger than N367 recorded on Wednesday, while the pound sterling and the Euro traded at N472 and N420 respectively.

    At the Bureau De Change Window (BDC), the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro was sold at N417 and N415 respectively.

    Trading at the interbank market saw the Naira closed at N306, while the Naira traded at N362.8 to the dollar at the investors’ window.

    Traders at the market said that the nation’s currency would witness greater stability as the Central Bank of Nigeria (CBN) continued its intervention.

    Meanwhile, CBN continued its intervention at the foreign exchange market as it sold FOREX to about 3, 130 BDCs nationwide.

    NAN reports that the apex bank had continued aggressive intervention at the FOREX market, selling an excess of 7.8 billion dollars since February.

    The apex bank hoped to completely crush currency speculators with its interventions to bring back the glory of Naira. (NAN)

  • Naira rebounds, exchanges for N366 to a dollar

    Naira rebounds, exchanges for N366 to a dollar

    The Naira on Thursday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    NAN reports that the Nigerian currency rebounded barely 24 hours after the Central Bank of Nigeria (CBN) injected 195 million dollars into the foreign exchange market.

    The Naira closed at N366 to the dollar at the end of trading on Thursday afternoon at the parallel market, three points stronger than N370 it closed on Wednesday.

    The pound sterling and the Euro traded at N465 and N410 respectively.

    At the Bureau De Change window, the Naira closed at N363 to the dollar, while the pound sterling and the Euro closed at N463 and N410, respectively.

    Trading at the interbank market saw the naira closed at N305.90 to the dollar, while the import and export rates closed at N368 to the dollar.

    Traders at the market said that the naira got a boost as the CBN intervened at the FOREX market.

    NAN further reports that the continued injection of liquidity into the FOREX market had sustained the naira from further depreciation.

    However, financial experts are divided on the sustenance of the CBN’s effort in salvaging the naira. (NAN)

  • Naira loses marginally against dollar

    Naira loses marginally against dollar

    The Naira on Tuesday depreciated marginally against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency on Tuesday afternoon lost one point to exchange at N391 to the dollar, weaker than N390 posted on Friday, while the Pound Sterling and the Euro closed at N498 N420 respectively.

    At the Bureau de Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro exchanged at N490 and N417respectively.

    However, the Naira appreciated at the Nigeria investors and exporters window, closing at N379.68 to the dollar, stronger than N380.31, its opening rate.

    Trading at the Nigeria interbank market saw the Naira closed at N305.80 to the dollar.

    Currency traders said that in spite of the marginal loss of the Naira, the nations’ currency had remained stable.

    They called for patriotism on the part of Nigerians to save the Naira from the jaws of speculators and currency hoarders.

  • Naira stabilises at N485 per dollar at parallel market

    Naira stabilises at N485 per dollar at parallel market

    The Naira on Friday remained stable at the parallel market, exchanging at N485 to a dollar.
    The Pound Sterling and the Euro closed at N602 and N515, respectively.
    At the interbank market, the Naira also remained stable at N305.50 to a dollar.
    Trading at the Bureau De Change (BDC) window saw the Naira sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro exchanged at N606 and N515, respectively.
    Traders at the market said that the scarcity of dollar persisted, leading to slow activities. (NAN)

  • Naira exchanges at N480 to dollar in parallel market

    Naira exchanges at N480 to dollar in parallel market

    The naira yesterday tumbled to new low of N480 to dollar on the parallel market as dollar shortage persisted.

    The local currency was exchanging at N476 to dollar in the morning hours, but weakened and closed at N480 to dollar in the last trading sessions of yesterday.

    The continuous decline in the value of the naira has been fueled by dollar scarcity and other unfavourable economic variables including the rise in  import bill.

    “Dollar is very scarce in the market right now because many people don’t know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market,” one dealer said.

    Speaking on the development, President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid.

    Other analysts said the underlying weak global demand of crude oil impacted adversely on the economy, especially through diminishing oil export earnings. The prices of crude oil fell by nearly 60 per cent from $114 per barrel in June 2014 to about $48 per barrel at present. These resulted in a dwindling of Nigeria’s overall economic fortunes, as net inflows tapered and pressures escalated in critical financial markets.

    The Central Bank of Nigeria (CBN) also witnessed a significant decline in  foreign exchange reserves from about $42.8 billion in January 2014 to about $24.7 billion at present.

  • Naira suffers further loss against dollar

    Naira suffers further loss against dollar

    The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the U.S. currency, the News Agency of Nigeria (NAN) reports.

    The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro, respectively.

    At the Bureau De Change (BDC) segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it exchanged at N503 and N434, respectively.

    However, it strengthened at the official interbank market as it exchanged at N316.55, from N347.13 posted on Thursday.

    Traders at the market expressed hope that the naira would rebound in the coming weeks as banks were ready to sell foreign exchange to BDCs in the coming weeks.

  • Naira stable at N321 to Dollar at parallel market

     The Naira on Monday continued to exchange at N321 to the Dollar at the parallel market.

    The News Agency of Nigeria (NAN) reports that the nation’s currency has maintained this value since April 1.

    The Naira, however, slide against the Pound Sterling and Euro as it traded for N445 and 355 respectively, from N457 and N357 it traded last week.

    Meanwhile, the Naira also sold for N197 to the Dollar at the official inter-bank rate.

    Traders at the foreign exchange market said that activities at the market had yet to rebound after the weekend break.