Browsing: FOREX

The Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to explore avenues to resolve outstanding obligations on foreign

CBN Uses $876m to Buy Naira at Dutch FX Auction With the aim of promoting price discovery in the currency…

The naira appreciated in the official window after additional foreign currency inflows boosted Nigeria’s external reserves. At the Nigerian autonomous FX market, the naira appreciated by 0.47% to close at ₦1,554.65 per US dollar. FX analysts said eligible US dollar demand remained elevated even though the exchange rate trended positively– albeit marginally.

The naira exchange rates worsen further across forex markets on Tuesday as the apex bank remained unfazed about the local currency’s two-week free fall. The exchange rate worsened in the official window for eligible FX demand.

Untamed demand for foreign currencies shadowed purchasing power of the Nigerian naira, gasping for strength after 40% year-to-date depreciation in the forex market.

The naira ended the week in red against the dominant US dollar in the foreign exchange market as demand and supply continues to test effectiveness of Nigeria’s willing buyer, willing seller FX policy.

The average yield on Nigerian Treasury bills decreased as portfolio investors became more interested in naira assets in spite of negative interest rates and concerns about inflation. There was a surge in demand on the secondary market for bills with a maturity duration of 24 days and 171 days. Demand for long dated bills was relatively quiet.

Naira Sees Large Daily Gain as FX Pressure Eases The Nigerian naira saw a large daily gain in the official…

The Nigerian local currency, the naira, registered a marginal gain against the US dollar in the forex market on Friday as FX scarcity pressures eased

The naira exchange rates diverged due to imbalance in the volume of foreign currency demanded and supplied in the forex markets. On one side, the naira recorded gain against the US dollar. At the other end, exchange rate worsened.