Browsing: Foreign Exchange Market

FX: Oil Market Balance Raises Hope for Naira Stability – Afrinvest. Naira position in the foreign exchange market has drastically dropped, but Afrinvest has stated that there is hope for the local currency as oil market balances.

Naira Trades Strong despite Marginal Decline in Oil Prices. The Nigeria’s local currency, naira, stands strong and stable amid decline in global prices of oil. In the week, oil prices dropped due to weak demand and partial supply glut with inventory rising speedily.

CBN Rationalises Policies to Prevent Imminent Recession. The Central Bank of Nigeria has come out to defend its unorthodox policies, said it will not be deterred in its efforts to steer the economy away from looming recession.

Naira Appreciates Against USD at Investors & Exporters Window. Naira appreciated against dollar, USD, at the investors and exporters window (IEW) as Bonny light crude price rises. Cowry Asset Management said this is in line with its expectations, as Naira appreciated by 0.19% to close at ₦386.50/USD.

FX Market Wrap: Actually, dollar had a rough ride . The dollar had a difficult week, falling against all the major currencies but the Japanese yen and appeared to break out of its recent trading ranges against the euro, Canadian and Australian dollars.

Naira Depreciates Against Dollar at Investors and Exporters Window. As global oil prices moderate in the week, Naira depreciates against dollar at the Investors and Exporters foreign exchange window.

‘Naira: Weaken FX futures contracts reflect appropriate currency risk’

CBN begins FX Sales, says it has capacity to meet legitimate needs

Naira traded flat despite a drop in external reserves as oil prices remained depressed after the production cost agreement.

FX: Weaker fundamentals may force currency repricing in 2020 – Cardinalstone. On the back of latest developments in the global economy, analysts at Cardinalstone Partners Limited have said that the weaker fundamentals may force currency repricing in 2020.