Browsing: Naira

Substantial Naira Devaluation Inevitable to Unlock FX Liquidity –CHD. As the Central Bank of Nigeria’s planned foreign exchange (FX) intervention sales set to commence, Chapel Hill Denham has said that substantial naira devaluation is inevitable to unlock liquidity.

Interbank Funding Eased on Strong Financial System Liquidity. Interbank funding rates eased further yesterday, as financial system liquidity opened substantially higher at ₦609.1 billion from ₦470.4 billion.

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 Repricing Likely as Weak FPI Appetite for OMO Bills Worsen FX Outlook. Naira repricing is more likely as weak foreign portfolio investors (FPI) appetite for Open Market Operations (OMO) bills would worsen currency outlook, Cardinalstone, a multi-assets investment management firm stated this in

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