Tag
FOREX
At the black market, the naira appreciated marginally by N1 to a dollar to close at N461 to a dollar.
The volatility and uncertainty of the forex market seem to persist due to liquidity shortages across markets.
The volatility and uncertainty of the forex market seem to persist due to liquidity shortages across markets.
Forex shortages have persisted since the crash in oil prices coincided with the global lockdown.
The rise in demand and contrasting drop in supply has called for another round of devaluation...
Uncertainty of the market remains, particularly due to liquidity shortages across markets.
Forex turnover rose to $63.44 million on Monday representing a 66.42% increase day on day.
The liquidity in the foreign exchange market appears to have improved, the volatility and uncertainty of the market seem to still persist.
The U.S. Dollar Index dropped as global Investors and traders appetite for risk increased in momentum.
CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country's foreign earnings.
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
"Going into next week, there is an OMO maturity coming in. So, that will help to ensure balance."