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Home Markets Currencies

To test FX market, CBN pumps $50 million

Nairametrics by Nairametrics
September 3, 2020
in Currencies, Spotlight
Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN, CBN releases regulatory guidelines on the eNaira
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Nigeria’s central bank pumped in $50 million into the FX market on Monday in a bid to test demand and supply and more importantly, the price of naira against the dollar.

According to Reuters, $50 million was sold to foreign investors on the spot and forward market in what it termed a “test trade to gauge the level of dollar demand” in the market.

READ: With nowhere to invest, Nigerians keep N36 trillion in banks and low yielding assets

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The exchange rate has fallen from N477/$1 on Friday to as low as N440/$1 on the average across parallel markets as forex speculators scamper to take profits ahead of further dollar liquidity in the system.

Nigeria’s exchange rate at the NAFEX window remained stable at N386 during intraday trading on Wednesday, September 2, 2020. In a related development, the exchange rate at the parallel market also remained on Wednesday as it closed at N440/$1 after yesterday’s significant gain.

READ: CBN set to punish exporters who refuse to repatriate export proceeds to Nigeria

At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N440/$1 on Wednesday, according to information from Abokifx, a prominent FX tracking website. This was the same rate that it exchanged on Tuesday, September 1.

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Forex turnover at the Investor and Exporters (I&E) window declined by about 34% on Wednesday, September 2, 2020, after 2 consecutive days of increased turnover.

According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $58.46 million on Tuesday, September 1, 2020, to $38.46 million on Wednesday, September 2, 2020.


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Tags: Business NewsCBNCentral Bank of NigeriaExchange RateFeaturedforexNAFEXNigeria News
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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