24-4-17: Naira Stabilises Against Dollar at Parallel Market

The naira on Monday stabilised against the dollar at the parallel market, newsmen report.The Nigerian currency traded between N380 (buying rate) to N385 (selling rate) on Monday afternoon, maintaining the same rate as at Friday.The naira closed at N495 to pound sterling and N415 to Euro at the same segment.
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 N490 and N420, respectively.Advertisement Trading at the interbank window saw the naira closed at N305.95 to the dollar.Traders commended the CBN for sustaining liquidity at the foreign exchange market as market volatility was not in the interest of the economy.
NAN reports that the CBN had remained resolute in boosting liquidity in all the segments of the foreign exchange market.The apex bank, had on Friday, created a special window for investors and exporters to have uninterrupted access to foreign exchange, a move stakeholders described as the right direction.

Naira Gains Against Dollar at Parallel Market, Closing at N398

The Naira got the better of the US dollar at the parallel market on Tuesday, closing at N398 to one dollar, as the Central Bank of Nigeria sustains the supply of dollars at all markets. The Nigerian currency appreciated from the N410 it posted at the segment on Friday. It was traded at N497 to the pound sterling and N430 to the Euro, respectively, at the same market.At the Bureau De Change (BDC), the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495 and N428, respectively.Trading at the interbank saw the naira closing at N306 to the dollar.Traders still expressed optimism that the naira might sustain its appreciation against the dollar as the CBN maintained its liquidity boost to all the segments of the market.

Naira Sustains Loss Against Dollar at Parallel Market, Sells at N410

The Naira on Tuesday sustained its loss against the dollar at the parallel market.This was in spite of the Central Bank of Nigeria’s intervention at both the interbank market and Bureau De Change window.The naira on Tuesday afternoon exchange between N405 (buying rate) and N410 selling rate at the parallel market.NAN reports that it was weaker than N405 traded on Monday.Also, the Pound Sterling and the Euro closed at N490 and N430 respectively.At the BDC window, the Naira was sold at N362 to a dollar, while the Pound Sterling and the Euro traded at N500 and N428 respectively.Trading at the interbank market saw the Naira closed at N306.20 to the dollar.Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, decried the movement of illicit funds across the nation’s borders.Gwadabe said that the BDCs were ready to cooperate with the CBN to see rates convergence at the market.He urged security operatives to be on the lookout for the movement of “hot money’’ across the nation’s borders.

Naira Appreciates Against Dollar at Parallel Market 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 Trades N400 Per Dollar at Parallel Market

Following the Central Bank of Nigeria’s intervention in foreign exchange, the Naira traded N400 to a dollar at the black market on Wednesday in Abuja. The Naira has also appreciated against the Pound Sterling and Euro rate as it traded at N510 and N415 respectively.One of the Bureau de Change operators, simply known as Tijanni Jos, said that the development had caused operators to lose a lot of money.According to him, operators did not envisage a quick downfall of the dollar which has caused them to buy at an expensive rate hoping to make returns.The Nigerian currency also traded at N307.5 at the interbank window.In other segments of the market, Deposit Money Banks and Travelex, an International Money Transfer Services Operator, sold the Naira at N381 to a dollar.The Governor of CBN, Mr Godwin Emefiele, had on Tuesday, while briefing newsmen on the outcome of the Monetary Policy Committee (MPC) meeting in Abuja, said the apex bank was determined to see the convergence of rates at the foreign exchange market.Emefiele said that the CBN was optimistic that the rate between the official and parallel market would converge further.He also said that the bank could sustain the policy, adding that those who doubt the ability of the bank to take decisions and implement it were taking a great risk.He noted that the nations’ foreign reserves were trending further to $31bn.Emefiele had also warned speculators to desist from stocking dollars at home because the CBN intervention would crash the price of dollar, which was already happening.
The CBN had in the last few weeks injected about $1. 7bn into the foreign exchange market.

Naira Continues to Appreciate Against Dollar at Parallel Market.

The Naira has continued to appreciate against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively.Trading on the floor of the Bureau De Change (BDC) showed that the Naira closed at N400 to a dollar, while the Pound Sterling and the Euro traded at N545 and N480 respectively.The Naira remained stable at the interbank market, exchanging at N307.50 to a dollar.Traders at the market said that they were happy with the performance of the Naira at the market, adding that it would lead to the fall in the prices of goods and services nationwide.Meanwhile, Mr Emefiele Godwin, Governor of the Central Bank of Nigeria (CBN), said that the bank was optimistic to see the further convergence of the official and parallel market rates.Emefiele said this, while fielding questions from newsmen at the end of the two-day Monetary Policy Committee (MPC) meeting of the CBN in Abuja.“We are determined to see a greater convergence of the official and parallel market rates,’’ Emefiele said.NAN reports that the CBN retained the lending rate at 14 per cent and other monetary policy parameters.The CBN has recorded huge success at the FOREX market since it started injecting over 1.5 billion dollars at the interbank market.The Naira has continued to firm against the dollar in defiance of predictions by some experts that it would sink to N1,000 to a dollar by the second quota of the year.

Naira Extends Gain Against Dollar at Parallel Market

The Naira on Monday continued to extend its gains against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.The Nigerian currency exchanged at N440 (Buying rate) and N445 (Selling rate) to a dollar, from N445/N450 it traded on Friday, while the Pound Sterling and the Euro closed at N530 and N465.At the Bureau De Change (BDC) window, the Naira exchanged at N398 (buying rate) and N400 (selling rate), while the Pound Sterling and the Euro closed at N545 and N480.Trading at the interbank market showed that the Naira closed at N307.50 to a dollar.Traders at the market said they were happy with the level of liquidity but appealed to the Central Bank of Nigeria (CBN) to sustain it to further reduce the gap between the official and parallel market rates.Meanwhile, Prof. Sherifdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago Iwoye, Ogun, has said that injecting dollars into the interbank market by the CBN is not sustainable.“I don’t think that injecting dollars into the interbank market is a permanent solution to the challenges at the FOREX market.“It is only a temporary measure,’’ Tella saidThe don, who noted that speculators were the major drivers of volatility in the FOREX market, said that the CBN should change the colours of the N1000 and N500 notes to force them to bring out the currencies in their coffers.Tella called for a reduction in the benchmark interest rate by the Monetary Policy Committee (MPC) meeting of the CBN, to enable startups to borrow money to finance their businesses. (NAN)

Parallel Market: Naira Gains 1.1%, Trades at 450 Per Dollar

Nigerian naira on Friday ended weekly trading with 1.1 per cent gain at the parallel market to 450 per dollar as Central Bank of Nigeria, CBN intervened at the inter-bank market segment.The currency also appreciated against the Euro to 472 from 475 its traded on Thursday and fell by 5 naira to 545 against the Pound sterling.At the interbank window, the Naira depreciated by 0.08 per cent to close at N306.75 to a dollar.At the Bureau De Change (BDC) window, it exchanged at N399 to a dollar, the CBN’s controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.This is coming as the Central Bank of Nigeria on Friday released the sum of $100m to authorised dealers to meet the requests of genuine customers in the interbank segment of the foreign exchange market.The release of the forex, according to the apex bank, followed bids from authorised dealers for the amount.The CBN Director, Corporate Communications Department, Mr Isaac Okoroafor, while confirming the release in a statement said no intervention was made on Thursday in the market.Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction- based foreign exchange demands by customers.The apex bank had in its last auction sale offered $150m to the interbank market with the highest bid rate at N335 to a dollar while the marginal rate was N320 to the dollar.

Naira Appreciates to 455 Per Dollar at Parallel Market

Nigerian naira on Thursday continued to appreciate against Dollar at the parallel market.The currency gained 2 naira to 455 against the dollar and N5 to 580 against Euro from 585 it traded previous day.It remained flat at 550 to a Pound sterling at the parallel market.At the Bureau De Change (BDC) window, it exchanged at N399 to a dollar, the CBN’s controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.At the interbank window, the Naira depreciated to close at N306.75 to a dollar.This is coming as the Central Bank of Nigeria (CBN) cleared 110 more Bureau-de-Change operators to take part in the weekly dollar sale to boost liquidity and support the naira which is weak on the black market.According to the president of Nigeria’s bureau de change operators, Aminu Gwadabe, “the central bank has cleared a total 3,124 operators for this week’s $25 million auction to be sold by international money transfer firm, Travelex, at 381 naira per dollar.”

Naira Closes at 459 Per Dollar at Parallel Market

The local currency, the naira on Monday gained a point to close at 459 per US dollar against 460 traded over the weekend at the parallel market, as the Central Bank of Nigeria (CBN) again sold dollar on the official interbank market.The naira, at the early hour of yesterday was seen bought at 456 and exchanged at 461 but strengthened later in the day, as it was bought at 455 and closed at 455 against the dollar.At the official market, the local currency fell to 306 per dollar from the 305.50 level it has traded since last year. Traders said the central bank intervened at 305.50 on Monday and then commercial lenders resold dollars at a 0.50 naira margin. A total of $6.25 million was traded.However, there was a clear indication that the apex lender will this week inject more dollars into the foreign exchange market as part of efforts to improve the level of liquidity in the interbank market.The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, confirmed the plan to release more dollars into the forex market.Okorafor, in a statement on Sunday, said the CBN would continue inject more funds into the market to strengthen the price of the naira against the dollar.He said the bank was determined to sustain the provision of liquidity in the forex market in order to enhance accessibility and affordability for genuine end users.He also cautioned forex dealers not to engage in any unwholesome practice that would be detrimental to smooth operations in the market, warning that the CBN would impose heavy sanctions on any organisation or official involved in such act.Based on the forex intervention by the CBN, about $1.35bn had been released into the interbank forex market within the last three weeks.During the first intervention in the foreign exchange market three weeks ago, the CBN had offered $500m for sale to banks.At the second intervention, a total of $221.3m was made available to 16 banks for forward sales to end users of forex.During the third intervention two weeks ago, the apex bank released about $367.13m into the foreign exchange market to ensure more liquidity in the market.At the fourth intervention last Tuesday, the sum of $100m was released before last Thursday’s offering of $170m into the forex market.