Browsing: Naira
CBN Moves to Converge FX Rates to Raise Average Price Level. The Central Bank of Nigeria moves to achieve convergence in the foreign exchange market will raise headline inflation, FSDH has said.
“Nigeria’s Multiple Exchange Rate System Likely to Stay”. Nigeria’s multiple exchange rate is more likely to stay in the short term, says Fitch in its Sub-Saharan Africa outlook.
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.
FX Market: Naira Depreciates Against Dollar at IEW. The local currency, Naira, depreciated against the United States dollar (USD) at Investors and Exporters Window (IEW) this week.
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.
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 Market: Naira depreciates on rising cases of COVID-19. Exchange rates depreciated by ₦30 week on week (w/w) at the parallel market amid rising cases of COVID-19, poor inflow into external reserves.
CBN technically devalues Naira, sets rate at ₦380 per dollar. The Central Bank of Nigeria sold naira at ₦380 per dollar to deposits money banks on Friday, the move that analysts said that may end multi-tiered exchange rate regime.
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.