The Nation Newspaper

Tag: Pound Sterling

  • Naira weakens against dollar at investors’ window

    The Naira on Monday weakened against the dollar at the investor’s (I&E) window, exchanging at N364.28, weaker than N363.68 traded on Friday.

    Market turnover at the I &E window stood at 191.92 million dollars.

    At the official CBN window, the naira closed at N306.35 to the dollar.

    It remained stable at the parallel market, exchanging at N359 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420, respectively.

    Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420.

    Read Also: We’re used to dirty naira notes, say Lagosians

    Meanwhile, the Economist Intelligence Unit (EIU), a member of the Economist Group, had forecast low economic growth cycle ahead of the 2019 elections.

    It specifically said that investors and local business would remain perturbed by the authorities often intervention stance, especially in the foreign exchange market.

    It noted that additional factors hitting investors confidence would be the general election in 2019 coupled with global economic slowdown in 2020.

    NAN

  • Naira appreciates marginally against dollar at parallel market

    The Naira appreciated marginally on Thursday at the parallel market in Lagos, exchanging at N358 to the dollar against N358.5 on Wednesday, gaining 50kobo.

    It exchanged at N478 and N418 against the Pound Sterling and the Euro, respectively.

    At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro exchanged at N478 and N418, respectively.

    Read Also: Naira ‘to exchange at N356/$ by year-end’

    Trading at the investors’ window saw the naira close at N362.25, recording a turnover of 364.96 million dollars, while it closed at N305.80 at the CBN official window.

    Turnover at the investors’ window stood at 168.74 million dollars on Wednesday, 54 per cent increase over the figure posted on Wednesday.

    NAN

  • Naira stable at N360/$ at parallel market

    The Naira maintained N360 to the dollar at the parallel market on Monday in Lagos.

    The Nigerian currency had been trading at N360 to the dollar for four days running, while the Pound Sterling and the Euro closed at N486 and N420, respectively.

    Read Also: Naira hedges against dollar at parallel market

    Trading at the investors’ window saw the naira close at N361.40 with a turnover of N198.3 million, while it closed at N305.75 to the dollar at the CBN official window.

    The naira closed at N360 to the dollar at the Bureau De Change (BDC) window, while the Pound Sterling and the Euro closed at N486 and N420, respectively.

    Meanwhile, the naira traded at N359 across the markets in Kano, Abuja and Port Harcourt.

     

    NAN

  • Naira weakens against dollar at parallel market

    The Naira on Wednesday fell by one point exchanging at N361.5 to the dollar at the parallel market in Lagos.

    The Nigerian currency had exchanged at N360.50 to the dollar on Tuesday.

    The Pound Sterling and the Euro closed N484 and N420, respectively at the market.

    At the Bureaux De Change (BDC) window, the naira was sold at N360 to the dollar while the Pound Sterling and Euro closed at N484 and N420, respectively.

    Trading at the investors’ window saw the naira close at N360.95 to the dollar.

    Read Also: Naira appreciates against dollar at parallel market

    At the CBN segment, the naira was sold at N305.95 to the dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively.

    The naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

    Currency traders said the demand for the dollar had remained high in spite of the huge interventions of the CBN at the foreign exchange market.

    The CBN had been making frantic efforts to keep the naira afloat through its series of interventions at the FX market.

     

    NAN

  • Naira bounces back after one-week depreciation

    Naira bounces back after one-week depreciation

    The Naira on Tuesday appreciated against the dollar at the parallel market after a sustained one-week depreciation, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency traded between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.

    At the Bureau De Change (BDC) window, the naira was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430 respectively.

    Trading at the interbank market saw the naira closed at N306.25.

    Traders at the market said that the intervention by the Central Bank of Nigeria (CBN) at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar.

    Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) had predicted the appreciation of the naira as BDCs set to receive more Diaspora remittances.

    Gwadabe said that the improved inflows of Diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.

    NAN reports that the CBN remained resolute in its efforts to boost liquidity at the interbank market and the BDC sector of the foreign exchange market.

  • Naira stabilises at N490/$

    Naira stabilises at N490/$

    The Naira on Tuesday stabilised at N490 to a dollar at the parallel market in spite of speculations that it would depreciate to N500 to a dollar by the end of 2016, the News Agency of Nigeria (NAN) reports.

    The Pound Sterling and the Euro also closed at N585 and N505 respectively.

    At the Bureau De Change (BDC) window, the dollar exchanged at N399, CBN controlled rate, while the Pound Sterling and the Euro traded at N598 and N510, respectively.

    Trading at the interbank market saw the dollar closed at N305.

    Traders at the market said that Forex scarcity was still having its toll on the market.

    NAN reports that in spite of the one billion dollars backlog of Forex cleared by the CBN, the Naira has remained within N490 to a dollar.

    Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the figure was a far cry from the monthly Forex demand in the country.

    “The $1b inflow is far less than what the economy consumes. The entire FX market is over 20 billion dollars monthly.

    “The cleared backlog of the CBN are funds that came through the FMDQ OTC foreign investment that came into the economy over time and the CBN has no option than to redeem it, to close the increasing gap of investors’ confidence,’’ Gwadabe said.

  • Naira appreciates against dollar at interbank market

    Naira appreciates against dollar at interbank market

    The naira on Wednesday appreciated against the dollar at the interbank, the News Agency of Nigeria (NAN) reports.

    The local currency closed at N316.24 to the dollar at the segment from N338.96 traded on Tuesday.

    At the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively.

    The naira, however, extended its losses at the parallel market, trading at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

    The naira was traded at N418, N531 and N461 to the dollar, pound sterling and Euro, respectively at the parallel market on Tuesday.

    Traders said that scarcity of foreign exchange was still taking toll on the market.

    Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

    “Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”

  • Naira crashes again in major market segments

    Naira crashes again in major market segments

    The naira on Friday depreciated further against the dollar, pound sterling and the euro in all segments of the market.

    At the parallel market, the naira shed three points to exchange at N378 to the dollar at the close of trading on Friday afternoon, against N375 it closed with on Thursday, representing a depreciation of 0.8 per cent.

    It also weakened further against the pound sterling and the euro as it exchanged at N487 and N405 respectively against N485 and N405 it traded respectively on Thursday.

    However, the Nigerian currency maintained losses at N375, N485 and N405 respectively against the dollar, pound sterling and the euro at the Bureau de Change segment of the market.

    The naira also performed poorly at the interbank window as it crashed further to N307.98 to a dollar from N295.38 it traded on Thursday.

    Currency traders expressed worry over the extension of losses of the naira against other currencies in nearly all the segments of the foreign exchange market.

    They, however, called on the Central Bank of Nigeria to urgently intervene in the market to save the naira from further crash.

    It would be recalled that the CBN, on June 20, began implementation of flexible exchange rate policy which many analysts hailed as the magic wand that would shore up the value of the naira.

    Four weeks into its implementation, the naira appeared lonely in the face of its trial by macro-economic elements as forces beyond it seemed bent on prolonging its trial.

    Stakeholders count on the Monetary Policy Committee meeting of the Central Bank of Nigeria holding next week to pull the right monetary policy lever needed to salvage the naira.

  • Naira sells at N322 to dollar at parallel market

    The Naira on Monday, traded at N322 to a dollar at the parallel market in Lagos.

    The News Agency of Nigeria (NAN) reports that the currency was stable in the previous week, maintaining value of between N315 and N320 to a dollar.

    However, the naira traded at N450 and N360 for Pound Sterling and the Euro respectively, at the day’s transaction.
    The naira also maintained N197 at the official Central Bank of Nigeria (CBN) rate.

    Traders at the parallel market said that the proposed currency swap deal between Nigeria and China would shore up the value of the naira when implemented. (NAN)