Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

BACK ON TRACK? Naira Rises To Six-Week High

Nairametrics by Nairametrics
August 4, 2016
in Currencies, Politics
Share on FacebookShare on TwitterShare on Linkedin

The naira rallied to its strongest level in almost six weeks as the Nigerian National Petroleum Corporation was sold dollars to the local market.

Oil producers, the NNPC are the biggest source of the United States currency after the Central Bank of Nigeria, which offers foreign exchange at auctions on Mondays and Wednesdays to maintain local-currency stability.

The naira is the best performer among 24 African currencies tracked by Bloomberg in April, climbing 2.4 per cent.

The Nigerian unit gained one per cent to N161.19 per dollar by 3:28pm in Lagos, the highest since February 28 on an intraday basis. The currency has climbed for two days, paring this year’s decline to 0.6 per cent.

“The rally in the foreign-exchange market is the product of NNPC dollar sales coupled with an aggressive offshore bid for naira fixed-income assets,” Samir Gadio, a London-based emerging-markets strategist at Standard Bank Group Ltd., said in e-mailed comments today.

“It looks like the bullish external risk environment is pushing foreign investors to come back to the Nigerian market.”

The naira had firmed by 0.61 per cent against the dollar on Wednesday, supported by large sales of the United States currency by the NNPC and flows from offshore investors for debt purchases.

According to a Reuters report, the local currency closed at N162.90 to the dollar, the level last seen on February 18 when it closed at N162.50 to the dollar.

The CBN had offered $400m for sale on Wednesday at its twice-weekly regulation auctions to dealers.

Out of this amount, only $278m was sold to the authorised forex dealers, according to central bank statistics.

Last Monday, the naira held steady against the dollar on the interbank market on Monday, supported by sales of the US currency by two major energy companies.

The local currency had sustained a stable outlook since two weeks ago when the CBN hiked the Cash Reserves Requirement on private sector deposits at the end of its monetary policy committee meeting.

Meanwhile, the foreign exchange reserves had dropped 5.76 per cent month-on-month to $37.8bn last week.

This week, it went up to $37.9bn. The reserves had stood at $40.11bn on February 28. They have fallen 22.17 per cent since this time last year, when they were $48.57bn.

Punch

Related

Tags: Black MarketCapital controlsCBN Forex PolicyNaira DevaluationNews Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Spain fines Google 10 million euros for breaching data protection law
    • EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud
    • DiamondXtra Season14: Access Bank to splash N270m and Free Digital Marketing Training for 14,000 Customers

    Follow us on social media:

    Recent News

    Gmail and other Google services get restored after massive outage, Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

    Spain fines Google 10 million euros for breaching data protection law

    May 19, 2022
    EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud

    EFCC arrests ex-NDDC MD, Nsima Ekere, over alleged N47 billion contract fraud

    May 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com