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FOREIGN EXCHANGE MARKET
Dotun Sulaiman has expressed optimism about the potential impact of the CBN’s proposed policy documentation on rules of the foreign exchange market operation in Nigeria.
The recent directives issued by the Central Bank of Nigeria (CBN) has provide further guidance to Deposit Money Banks (DMBs) on operational changes in the foreign exchange market.
Financial experts believe that the suspension of CBN Governor Godwin Emefiele will stabilize the capital market and foreign exchange market.
Tajudeen Olayinka said the disruption caused by CBN’s interest rate hikes is responsible for the prolonged repricing of securities across markets and instruments
The Centre for the Promotion of Private Enterprise has stated that the distortions inherent in the foreign exchange...
Forex turnover rose to $63.44 million on Monday representing a 66.42% increase day on day.
Forex turnover dropped from $66.61 million on Thursday to $38.12 million on Friday.
The liquidity in the foreign exchange market appears to have improved, the volatility and uncertainty of the market seem to still persist.
The 12-month naira forwards increased to N454.50 per dollar on Wednesday, from a high of N522.56 on April 20.
The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has warned firms and individuals against patronizing the parallel market, popularly called the black market.