Wednesday, January 20

Tag: Parallel Market

Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)
Business

CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)

CBN Governor, Godwin Emefiele, has accused some local and foreign investors of buying dollars from the parallel market, popularly referred to as 'black market',  As the apex bank struggles to stabilise the currency exchange rate. A dollar was sold for N460 at the parallel market on Wednesday, which is higher than the interbank rate of N361 to a dollar. More so, the dwindling oil prices caused by the Coronavirus pandemic have greatly affected the country's economy and have reduced the dollars in circulation. The situation was also compounded by the suspension of sales of foreign exchange to Bureau de Change operators by the CBN. POLITICS NIGERIA reports that the investor and exporters window is also badly affected by the liquidity crisis in the foreign exchange market. However, ...
Dollar Sells For N445 As Forex Scarcity Persists
Business

Dollar Sells For N445 As Forex Scarcity Persists

The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market. “However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at...
Naira Gains Against The Dollar… See Latest Exchange Rate
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Naira Gains Against The Dollar… See Latest Exchange Rate

The Naira on Monday gained 50 Kobo to trade at N358.5 to the dollar at the parallel market in Lagos, slightly stronger than N359 traded on Friday. The Pound Sterling and the Euro closed at N458 and N403 respectively. The naira traded at N360 to the dollar at the Bureau De Change (BDC) segment, while the Pound Sterling and the Euro exchanged at N458 and N403, respectively. Trading at the investors window saw the naira closing at N361.48 to the dollar as market turnover stood at 231.92 million dollars. The News Agency of Nigeria (NAN) reports that the naira had been relatively stable at the parallel market due largely to the interventions of the CBN. Activities at the market, however, remained slow on Monday as traders await the outcome of the Monetary Policy Committee (MPC) m...
Naira Appreciates To N358.5/$
News

Naira Appreciates To N358.5/$

The Naira, yesterday, appreciated by 70 kobos to N358 per dollar in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358 per dollar from N358.7 per dollar on Tuesday, indicating 70 kobo appreciation of the naira. Similarly, the naira appreciated by one kobo to N361.69 per dollar in the Investors and Exporters (I&E) window yesterday. Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.69 per dollar yesterday from N361.7 per dollar on Tuesday, indicating one kobo appreciation of the naira.
Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates
News

Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates

Details of the parallel market in Lagos after the close of market on Wednesday revealed how the nation's currency appreciated marginally against the dollar. The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar. According to the News Agency of Nigeria (NAN), the nation's currency was 10 kobos stronger than N358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at N478 and N417.5, 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 N478 and N417.5, respectively. Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while th...
Naira Falls Against Dollar At Parallel Market
News

Naira Falls Against Dollar At Parallel Market

The naira on Monday depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar. The Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432. At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively. The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate. Traders said that the demand for foreign exchange outstripped its supply. The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira. The naira had rallied around N363 to the dollar for about two weeks until market forces dra...
Naira Sustains Gain At Parallel Market
News

Naira Sustains Gain At Parallel Market

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively. Trading at the investors window saw the naira closing at N367.50 to the dollar. Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments. NAN reports that not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday. A credible BDC source told ...
Naira Stabilises After Crash At Parallel Market
News

Naira Stabilises After Crash At Parallel Market

The Naira on Tuesday exchanged in the parallel market at N366, same rate it closed on Monday. Pound Sterling and the Euro closed at N477 and N428, respectively. This is just as the Central Bank of Nigeria (CBN) injected $195 million into the interbank market. A statement by Acting Director, Corporate Communications Department, CBN, Isaac Okoroafor, made the announcement. He said, “In the wholesale segment of the inter-bank Foreign Exchange market, the CBN auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45m respectively.” Okorafor encouraged those who genuinely required foreign exchange for their transactions to approach their banks, noting that the banks had enough forex to meet the deman...
Why We Created Multiple Exchange Rates—CBN
News

Why We Created Multiple Exchange Rates—CBN

The Central Bank of Nigeria (CBN) has justified its creation of the various exchange rates for the Naira against the major foreign currencies at the forex market. According to the apex bank, these rates were created because they were very necessary to a single economy like Nigeria battling with crisis. At the moment, there are over five exchange rates for individuals and investors to access in the foreign exchange market in Nigeria. While there is the official CBN rate, banks have their own rates, just like the parallel market has its own, which seems to be the highest and easily accessible to residents of the country. Since the nation’s economy slumped into recession in 2016, the Naira has crashed against major currencies at the forex market and at a time in 2017, the local cu...
Naira Gains, Dollar Crashes At Parallel Market
News

Naira Gains, Dollar Crashes At Parallel Market

- The Naira has gained strength against the American Dollar at parallel market - The local currency however crashed against the Pound but stayed firm against Euro - Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market. This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16. However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment. It dropped seven points against the Pound to close at N497 a...
Naira Plunges To N390 Per Dollar On Parallel Market
News

Naira Plunges To N390 Per Dollar On Parallel Market

The Nigerian Naira plunged against the United States dollar on Monday to its lowest in a week. The local currency which closed at N380 to a U.S. dollar on the parallel market on Friday, slid to N390 on Monday. However, the Naira which has been hovering between N380 and N410 to a dollar in the past two weeks has failed to substantially close the gap between the official and black market rates. Prompting the Central Bank of Nigeria to sell about $3 billion since the intervention began in February. Accordingly, the CBN on Monday offered a fresh $246.2 million to authorised dealers at the Forex auction in the interbank wholesale window –‘the Small and Medium Enterprises and invisibles’ segments. The breakdown shows the sum of $150 million was auctioned at the wholesale window wh...
Bureaux De Change At Risk As Naira Gains More Muscle
News

Bureaux De Change At Risk As Naira Gains More Muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses. The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN). The naira exchanged at N375 to the dollar in the parallel market at the weekend. It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market. About $1.5 billion has been injected into the interbank market since February when the interventions started. Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some BDCs likely closure after losing N130 million within the week, said the losses came...
Dollar Crashes Again At Parallel Market
News

Dollar Crashes Again At Parallel Market

The News Agency of Nigeria (NAN) reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively. At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively. The Nigerian currency also traded at N305.50 at the interbank window. In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar. Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater ...
Naira Weakens To N458 Per Dollar At Parallel Market
News

Naira Weakens To N458 Per Dollar At Parallel Market

According to reports, the local currency has crashed to N458 per dollar as against the N455 it closed yesterday, March 1. The Naira also weakened to N540 against the Pound from the previous rate of N535 and to N475 against the Euro as against the previous rate of N460. Recall that just last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market, in over three years. This follows the Central Bank of Nigeria (CBN) decision to sell a total of $372.4 million to ease the pressure on the local currency. Financial experts had predicted that the local currency will continue to appreciate if the status quo was maintained. On its part, the CBN said the recent appreciation of the Naira against other currencies was the res...
Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$
News

Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$

The Naira extends its gain against the US dollar on Thursday for the fourth consecutive day. The local currency gained N21 from N501 it traded on Wednesday to close at N480 to a dollar. Bringing its total gain in a week to N40 after reaching all-time low of N520 on Monday. On Monday, the CBN had announced a new forex policy actions to cater for categories previously excluded from the official forex rate and increase forex liquidity in the market. The apex bank has since sold $370 million in an auction, forward contracts, and also appropriated a weekly $20 million to commercial banks at N375 to a dollar for school fees payment, medical bills and personal travel allowance. According to the traders, the buy rate strengthened to N470 per dollar, from N490/$ it closed on Wednesday. ...
Naira Improves On Parallel Market, Sells At N501/$
News

Naira Improves On Parallel Market, Sells At N501/$

The new foreign exchange policy introduced by the Central Bank of Nigeria strengthens the Naira on the parallel market on Wednesday. The local currency which traded N512 to a Dollar on Tuesday, gained N11 to close at N501 against the US dollar, and stronger than N520 it traded on Monday. Traders also noted that the buy rate of the greenback improved below N490 to the dollar as currency hoarders who had held on to the dollar for several weeks rushed to sell off the currency following the renewed confidence in the CBN’s ability to meet forex demand. Also, global ratings agency, Fitch Ratings said on Wednesday that the new forex policy announced by the CBN would ease forex scarcity and banks’ pressure. According to the statement released by Fitch Ratings, the most important part o...
Naira Hits N495/dollar As Forex Scarcity Lingers
News

Naira Hits N495/dollar As Forex Scarcity Lingers

The Naira on Thursday depreciated further at the parallel market, ebbing close to the projection of speculators, the News Agency of Nigeria reports. NAN reports that at the twilight of 2016, speculators forecasted that the Naira would exchange at N500 to a dollar. The Nigerian currency lost N3 to trade at N495 to the dollar at the parallel market, from N492 posted on Wednesday, while the Pound Sterling and the Euro closed at N597 and N515 respectively. At the official interbank window, the Naira closed at N305 to a dollar. Trading at Bureau De Change (BDC) window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600 and N510, respectively. Traders blamed acute forex scarcity for the spike in the exchange rate.
Naira Crashes To N484 Against Dollar As More Bdcs Go Underground
News

Naira Crashes To N484 Against Dollar As More Bdcs Go Underground

The Naira has depreciated further to N484 per dollar at the parallel market, newsmen report this Friday, December 2. The currency weakened from N480 to N482, then further down to N484/$1 at the black market on Friday afternoon. The local currency also crashed to N590 to a Pound from N585 and N510 for the Euro from N500.