Browsing: Naira

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.

FX: Naira Remains Stable Despite Sloppy Reserves, Coronavirus Outbreak. In the foreign exchange market, Naira remained strong at direct pair with foreign currencies last week.

CBN injects $292.34 million into retail Secondary Market. The Central Bank of Nigeria (CBN) has injected the sum of 292.34 million dollars into the retail Secondary Market Intervention Sales (SMIS).

FX: CBN sells $10bn to defend Naira in fourth quarter of 2019. The apex bank in the country has said it sold the total sum of US$9.98 billion to authorised currencies dealers in the fourth quarter of 2019.

Naira stands as robust liquidity keeps money market rates single. Despite the sloppy external reserve movement, Naira remains stable at the foreign exchange market in the past week.

CBN spends too much to defend Naira, as cost spike more than six times

Naira stable despite decline in Oil prices, foreign reserves