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Home Business News Politics

Naira appreciates to one month high on parallel market

Emmanuel Abara Benson by Emmanuel Abara Benson
April 12, 2018
in Politics
Central Bank of Nigeria, Emefiele, Textile

Godwin Emefiele, Governor of the Central Bank of Nigeria

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The Naira, today rose to ₦360 at the parallel market and ₦305.55 at the official rate. 

This marks the highest rate witnessed in the past one month. A currency is said to be trading at a high when it trades at a smaller figure than previous. The move from over N400 to a dollar, to the current rate of N360 is known as appreciation or a “high”.

Exchange Rate
Figure showing the current exchange rates of the naira to other currencies.

Factors responsible for the appreciation 

The recorded improvement is due mainly to the rise in crude oil prices. In the past few months, crude prices have increased considerably up to the $70 mark. This morning, the price climbed up to $71.66  following US President (Donald Trump’s) issuance of warnings against Syria and Russia. This is the highest the price has been in 3 years.

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Another related factor which is responsible for the improvement is the increase in Nigeria’s foreign reserves. The rebound in oil prices helped to improve the country’s foreign reserves which hit $46.7billion earlier this month. The country’s foreign reserve has shown consistent improvement over time and is projected to hit $50 billion before the end of 2018.

It should be noted that the robust reserves have also enabled the Central Bank of Nigeria to maintain its weekly Forex interventions which the apex banks consistently been committed to in a bid to stabilize the economy and checkmate inflation. Just last week, the CBN injected the sum of $339.89m into the Retail Secondary Market Intervention Sales.


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Tags: Exchange RateOn the Moneyparallel market
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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Comments 6

  1. Ken says:
    April 12, 2018 at 4:00 pm

    Correct me if I am wrong. It appears this article contradicts itself on so many fronts. The title suggests that the Dollar appreciated against the Naira. Most paragraphs of the article amplifies that the Naira is rising against the Dollar. Meanwhile the table shows that the Naira is depreciating against the Dollar.

    Reply
    • Onome Ohwovoriole says:
      April 12, 2018 at 4:25 pm

      Thank you for your observation. It has been amended.

      Reply
  2. Ama says:
    April 12, 2018 at 4:04 pm

    Appears unclear, your article – did the Naira appreciate or depreciate. The table and the title of the articles seems to suggest the later, however the main body of the articles suggests that the Naira appreciated.

    Reply
    • Onome Ohwovoriole says:
      April 12, 2018 at 4:19 pm

      Thank you for the observation. It appreciated. We will amend the article to explain more clearly.

      Reply
    • Onome Ohwovoriole says:
      April 12, 2018 at 4:25 pm

      Thank you for the observation. It has been amended.

      Reply
  3. Ama says:
    April 12, 2018 at 4:05 pm

    …article*

    Reply

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