Business / News

Naira falls at parallel market against Dollar, Pound, Euro

The Naira on Thursday dipped further at the parallel market in Lagos against the dollar.

The Central Bank of Nigeria had a few months ago stopped the sale of FOREX to Bureau De Change operators.

It cited regulatory infractions by some of the members of the currency traders.

However, the impact of the ban is far from strengthening the naira against the dollar.

It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660 respectively.

Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53 respectively.

Data from the Central Bank of Nigeria also showed the Naira exchanged at 0.739 Kobo  to the CFA.

NAN reports that while the CBN is working hard to reduce inflation, experts believe a lot needs to be done in the management of the exchange rate.…

Business

Naira falls to N490 on black market after CBN widens official window

The pressure on foreign exchange intensified on Wednesday as Nigeria’s currency has weakened to N490 per dollar on the black market. The naira depreciation followed the adoption of N410.25k as official rate by the Central Bank of Nigeria (CBN). The new official rate shows a 8.24-percent devaluation from N379/$ previously.…

Business / News

Nigeria’s External Loans have caused CBN to adopts market-led FX rate

The burden of external debts on the country could worsen, as the Federal Government would need more amount of Naira than previously required for servicing or liquidating existing loans and others being processed.

The increase is occasioned by the adoption of the market-led Nigerian Autonomous Foreign Exchange (NAFEX) window as the country’s official exchange rate by the Central Bank of Nigeria (CBN).

The apex bank, yesterday, replaced the official exchange rate with the NAFEX, otherwise known as the Investors’ and Exporters’ (I & E) window. The action came over a week after the monetary authority yanked off the CBN rate from its home page, a decision interpreted as an indication of the adoption of NAFEX rate.

 

Yesterday, Vice Chairman of Highcap Securities Limited, David Adonri, insisted the most expedient option is a full liberalisation of the market, a policy stance that would allow a natural market clearance as obtained in other comparative African economies such as South Africa.

concern about rising external loans came a day after the Bureau of Public Enterprises (BPE) disclosed the search for private sector funds for the financing of infrastructure.

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