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Currencies

Currency traders relatively neutral on U.S dollar, despite impressive U.S Jobs report

This is the longest losing streak recorded by the safe-haven currency in ten years.

Published

2 months ago

on

Possibilities of a second wave of COVID-19 infections Limits U.S dollar gains

Currency traders were relatively neutral trading the U.S dollar at London’s trading session on Monday, despite an impressive U.S Job report that pushed U.S Treasury yields upward.

The U.S dollar index that is used to track the U.S dollar against major global currency pairs, was down 0.02% to trade at 93.406 as at the time this report was drafted.

Non-Farm U.S payroll data showed it gained by 1.763 million in July, as against the estimated 1.6 million increases. Unemployment also fell to 10.2% in July, compared to June’s reading of 10.5%.

READ MORE: CBN stops oil companies from selling dollar to NNPC, here’s why

Why currency traders are neutral: In the meantime, doubts over the health of the world’s largest economy remain, with the COVID-19 caseloads surging past five million as of August 10, according to Johns Hopkins University.

GTBank 728 x 90

Note that this is the longest losing streak recorded by the safe-haven currency in ten years. These have also left a structural gap in the currency market, as well as leaving it fragile to a pullback on any positive news.

Quick fact: The U.S. Dollar Index tracks the American dollar against other major currencies such as the Japanese yen, British pound sterling, Swedish Krona, the Euro, and more. Individuals hoping to meet foreign exchange payment obligations, via dollar transactions to European countries, and Japan, would need to pay more dollars in meeting such obligations.

READ MORE: Gold loses $70 dollars in an hour after reaching $2,000

GTBank 728 x 90

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics explained why the currency market is relatively quiet. He said:

“The forex market has started the week off on a muted note as traders try to decide which directions to move after a decent reduction on “short “dollar risk due to better than expected US jobs data and escalating US-China tensions, which is creating some haven demand for the Greenback.”

Related Topics:

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. Behavioral Finance, Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Currencies

U.S dollar is king, hits two months high

Amid rising COVID-19 caseloads and other militating factors, the greenback recently surged high.

Published

16 hours ago

on

September 26, 2020

By

The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

The U.S dollar surges past fresh two-month highs at the last trading day of the week.

In addition to the impressive run, the safe-haven currency is set to finish this month with its biggest weekly increase since March as traders flock to the greenback for refuge amid rising COVID-19 caseloads and lingering passage of the U.S stimulus bill.

  • The U.S. dollar index, which tracks the greenback against a trade-weighted basket of major currencies, rose by 0.25%, to trade at 94.627. The last time it traded at that level was 19th of July 2020.
  • Elsewhere, the greenback was also supported by weaknesses in the euro and Brtish pound as the second wave of Covid-19 onslaughts rattled the mind of investors

READ: Why Ripple might be the future of digital payments

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics gave keynotes on the strength of the world’s most favored safe haven at the moment, by saying;

“US dollar demand resurfaced as the New York session got underway, with virtually all currencies, local and G-10, slipping again as another wave of de-risking perhaps ensued.

GTBank 728 x 90

“Any dollar pulls back in Asia were faded, suggesting we’re still on the path of least resistance higher of the Greenback. The market remains completely downcast by the drip-feed of unflattering events.”

READ: Ripple’s chairman transfers 500,000,000 XRP

Quick fact:

GTBank 728 x 90
  • The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc.
  • Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay fewer dollars in fulfilling such payment obligations.

Continue Reading

Currencies

Daily Parallel Market Exchange Rate – ₦465/$1

The US dollar closed at ₦465/US$1 in the parallel market

Published

1 day ago

on

September 25, 2020

By

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Friday, September 25th 2020), closed at ₦465/US$1 in the parallel market. The rate had also closed at ₦465/US$1 on Thursday, September 24th 2020.

  • Naira: ₦465
  • Dollar: $1
  • Date: September 25th, 2020

The exchange rate between the naira and the British pound sterling closed at ₦575/₤1 on Friday, 25th September, as against ₦570/₤1 recorded on Thursday, September 24th 2020.

  • Naira: ₦575
  • Pounds Sterling: ₤1
  • Date: September 25th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦540/€1 on Friday, 25th September 2020. The exchange rate had closed at the same rate on Thursday, September 24th 2020.

  • Naira: ₦540
  • Euro: €1
  • Date: September 25th, 2020

Activity: US Dollar closed at ₦465/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
9/25/2020Dollar460465460465Low
9/25/2020Pounds565575565575Low
9/25/2020Euro535540535540Low
9/24/2020Dollar460465460465Low
9/24/2020Pounds565570565570Low
9/24/2020Euro535540535540Low
9/23/2020Dollar455460455460Low
9/23/2020Pounds580585580585Low
9/23/2020Euro535540535540Low
9/22/2020Dollar455460455460Low
9/22/2020Pounds575585575580Low
9/22/2020Euro530535530535Low
9/21/2020Dollar453455450455Low
9/21/2020Pounds565570565570Low
9/21/2020Euro525530525530Low
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
9/11/2020Dollar450455450455Low
9/11/2020Pounds555565555565Low
9/11/2020Euro525530525530Low
9/10/2020Dollar455460455460Low
9/10/2020Pounds545560545560Low
9/10/2020Euro525530525530Low
9/9/2020Dollar430440430440Low
9/9/2020Pounds540555540555Low
9/9/2020Euro500510500510Low
9/8/2020Dollar435440435440Low
9/8/2020Pounds540550540550Low
9/8/2020Euro505515505515Low
9/7/2020Dollar435440435440Low
9/7/2020Pounds525530525530Low
9/7/2020Euro505515505515Low
9/4/2020Dollar425440425440Low
9/4/2020Pounds560580560580Low
9/4/2020Euro505515505515Low
9/3/2020Dollar425440425440Low
9/3/2020Pounds560580560580Low
9/3/2020Euro520535505515High
9/2/2020Dollar425440425440Low
9/2/2020Pounds570580560580Low
9/2/2020Euro535540520535Low
9/1/2020Dollar462465435440High
9/1/2020Pounds565575570580Low
9/1/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
8/12/2020Dollar470475470475Low
8/12/2020Pounds570575570575Low
8/12/2020Euro520530520530Low
8/11/2020Dollar477485477485Low
8/11/2020Pounds572584572584Low
8/11/2020Euro510523520535Low
8/10/2020Dollar477485477485Low
8/10/2020Pounds572584572584Low
8/10/2020Euro510523520535High
8/7/2020Dollar475486475486Low
8/7/2020Pounds578585578585Low
8/7/2020Euro536550536550Low
8/6/2020Dollar470480475486Low
8/6/2020Pounds575587578585Low
8/6/2020Euro534545536550Low
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
3/12/2020Pounds475485490495High
3/12/2020Dollar365380375404High
3/12/2020Euro405412410420Low
3/11/2020Pounds470475475485Low
3/11/2020Dollar360366365375Low
3/11/2020Euro387403405412Low
3/10/2020Pounds468472470475Low
3/10/2020Dollar358360360362Low
3/10/2020Euro390398387403Low
3/9/2020Pounds468472468472Low
3/9/2020Dollar358360358360Low
3/9/2020Euro392398392398Low
3/6/2020Pounds468472468472Low
3/6/2020Dollar358360358360Low
3/6/2020Euro390398390398Low
3/5/2020Pounds468472468472Low
3/5/2020Dollar358360358360Low
3/5/2020Euro390397390397Low
3/4/2020Pounds468473468473Low
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Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Currencies

Naira stabilizes across forex markets, as BDCs get another round of dollar allocation

The Naira remained stable against the dollar to close at N467/$1 on Thursday.

Published

2 days ago

on

September 25, 2020

By

FOREX, NAFEX market turnover drop by 59%, Naira crashes to N470/$1 as currency uncertainty worsens 

Forex turnover improved by 43% as Nigeria’s exchange rate at the NAFEX window stabilized to close at N386/$1 during intraday trading on Thursday, September 24.

Also, the naira remained stable, closing at N467/$1 at the parallel market on Thursday, September 24, 2020, after another round of forex allocation to BDC operators by CBN.

Parallel market: At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N467/$1 on Thursday, according to information from Abokifx, a prominent FX tracking website. This was the same rate that it was exchanged for on Wednesday, September 23.

READ: Nigeria among countries to be worst hit by food crisis globally

Currency developments

  • The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.
  • The CBN has sold over $200 million to BDCs since the resumed forex sales on Monday, September 7, 2020. This was expected to inject more liquidity to the retail end of the foreign exchange market, and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has failed to sustain the initial gains made, after the CBN announced plans to provide liquidity.
  • BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
  • We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market.
  • There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market.

READ: Has the President erred in stopping CBN from funding food imports?

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NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N386/$1.

  • This was the same rate that it exchanged for on Wednesday, September 23.
  • The opening indicative rate was N386.13 to a dollar on Thursday. This represents a 31 kobo gain, when compared to the N386.44 to a dollar, that was recorded on Wednesday.
  • The N390.34 to a dollar is the highest rate during intraday trading, before closing at the rate of N386/$1. It also sold for as low as N383/$1 during intraday trading.

READ: Experts pick holes in pump pricing of petrol, proffer solutions 

Forex turnover: Forex turnover at the Investor and Exporters (I&E) window, increased by 42.6% on Thursday, September 24, 2020.

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  • According to the data tracked by Nairametrics from FMDQ, forex turnover rose from $69.22 million on Wednesday, September 23, 2020, to $98.65 million on Thursday, September 24, 2020.
  • The CBN had in the past few weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds.
  • The improvement in forex supply after yesterday’s drop, reinforces the volatility of the foreign exchange market. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country.
  • The average daily forex sale for last week was about $34.5 million, which represents a drop from the $58.52 million that was recorded the previous week.
  • Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.
  • In the latest report on Monetary, credit, foreign trade, and exchange policy guidelines for fiscal year 2020/2021, the CBN lamented that forex market pressure, which is as a result of speculative activities in the BDC and I & E segments of the foreign exchange market, is expected to exert more pressure on the naira exchange rate.

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