Saturday, October 23

Tag: Depreciates

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
Naira Depreciates Further On Investors FX Window
News

Naira Depreciates Further On Investors FX Window

The Nigerian Naira on Monday depreciated against the US dollar on Investors and Exporters Foreign Exchange Window after the Central Bank of Nigeria introduced the platform two weeks ago. The Window designed to allow investors and exporters’ access forex at market-determined rates has shifted the power to investors as most off-shores investors are said to be demanding N400 a dollar exchange rate, while local buyers were quoting rates as low as N350 a dollar. Last week, traders held a conference call with market regulator FMDQ OTC Securities Exchange to discuss the wide range of quotes on the Naira for investors, although the meeting did not produce any resolutions. FMDQ provides daily opening and closing quotes on the Naira. However, traders are worried about illiquidity in the for...
Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action
News

Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action

The Naira plunged to N520 against the U.S. dollar at the parallel market on Monday, after the CBN announced its readiness to sell dollar at N375 for school fees payment and personal travel allowance on Friday. The Naira which had closed at N516 to a dollar on Friday, following a record low of N510 on Thursday remained weak despite the rising oil prices and national foreign reserves. A Reuters report, attributed the fall in Naira value to retail currency trader’s reservation on the new forex policy as they tried to price in its possible impact on the market current rate and commercial banks approach to the announced policy. Experts have said the announcement has increased the demand for dollar for school fees payment as well as personal travel allowance by intending travelers, lead...

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