Sunday, October 20, 2019

Tag "FX"

    Naira rates converging at parallel, official markets as CBN pumps fresh $413.5m

Naira rates converging at parallel, official markets as CBN pumps fresh $413.5m

The rates of the Nigerian naira at the parallel market is gradually closing in on the official rates set by the Central Bank of Nigeria (CBN) as the bank pumps fresh $413.5 million into the forex market.At the parallel market on Monday, the naira, which hovered around 365 per  dollar, traded as low as a record 362, just about N2 [...]

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    Despite surge in forex reserves, naira closes week at 405/$1

Despite surge in forex reserves, naira closes week at 405/$1

The Nigerian naira closed trading for the first week in April 2017 at 405 to the greenback at the parallel market, despite surge in foreign exchange reserves.On Monday,  the local currency was trading between 380 and 385 to the dollar at the same market, as the Central Bank of Nigeria (CBN) sought a convergence in foreign exchange rate across all [...]

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    CBN pumps $100m into FX market as reserves rise again

CBN pumps $100m into FX market as reserves rise again

The Central Bank of Nigeria (CBN) offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window, as foreign reserves return to winning ways.According to CBN data, the reserves surged from $30.318 billion on Monday to $30.326 billion, after falling over the past week by a few hundred millions.The reserves moved from $30,348,621,856 [...]

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    IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

The International Monetary Fund (IMF) is favourably disposed to the position of Bismarck Rewane, CEO of Financial Derivatives, that the naira be allowed to depreciate below 305/$1.Rewane had suggested that the Central Bank of Nigeria (CBN) allows the naira to depreciate from 305 to 340/350 per dollar, in order to engage an effective exchange rate system.“The central bank can intervene [...]

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    CBN injects $240m into FX market, to credit BDCs weekly

CBN injects $240m into FX market, to credit BDCs weekly

The Central Bank of Nigeria (CBN) on Monday flooded the foreign exchange market with $240 million to meet effective demand.The bank released the sum of $90 million to meet requests for invisibles such as travel allowances, medical and school fees.CBN also on the same day, offered a total of $150 million to authorised dealers in the interbank wholesale auction window.According [...]

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Exchange Rates

October 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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