Collates
Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
Naira slides again at official market
Naira for the second day in a row fell against the U.S. dollar at the official market Wednesday, but managed a rebound at the parallel market, a day after hitting its lowest black-market rate in at least four years. Data on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N412.00 per $1 at the Nafex window. The local currency performance on Wednesday represents a N0.25 or 0.06 per cent decrease from N411.75 the rate it traded in the previous session on Tuesday. The trading session on Wednesday witnessed a forex turnover of $131.86 million, this translates to a 23.44 per cent depreciation from $172.24 million posted in the previous session on Tuesday. The domestic currency experienced an intraday low of N420.97 and a high of N400.00 before closing ...
Naira stable at parallel, official market
Nigeria’s naira remained stable against the U.S. dollar at the unofficial market on Friday, data posted on abokiFX .com, a website that collates parallel market rates in Lagos showed. The data posted showed that the naira closed at N485.00 at the black market, the same rate it exchanged hands with the greenback in the previous session on Thursday. Similarly, the local unit remained stable at the official market. Data posted on the FMDQ Security Exchange window where forex is officially traded showed that the domestic unit again closed at N410.00 at the trading session of the NAFEX window on Friday. Friday’s performance came to be as forex supply slumped significantly. The naira experienced an intraday high of N394.00 and a low of N436.40 before closing at N410.00 on Friday, the same rate i...
