• Contact Us
  • About Us
Sunday, October 1, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

CBN $100m sales shore-up naira value to N442, ..gains 15% in one month

metro by metro
March 20, 2017
in Economy
0
0
SHARES
0
VIEWS
The value of the nation’s currency was on Monday lifted to an average rate of N442 against the U.S dollar at the black market, after the Central Bank of Nigeria (CBN) auctioned $100 million in forwards at the foreign exchange market.
Consequently, the naira gained N8.00k over N450 per dollar traded on Friday last week at the parallel market.
Dollar was quoted at different exchange rates across Lagos State. At the Lagos International Airport, and Apapa, the foreign currency closed at N443 per dollar. It traded at N440 per dollar at Festac area of the State, our investigation revealed.
With Monday’s trading, naira has gained N78 or 15 percent since the CBN introduced the latest foreign exchange policy. Before the new policy, naira traded at N520 per dollar at the black market.
However, the local currency depreciated marginally at the inter-bank spot market as it closed at N307.50k as against N306.50k traded on Friday last week, data from FMDQ showed.
The CBN has consistently been selling foreign exchange to importers since February in a move to increase dollar supply in the market and narrow the margin between official and black market rate.
Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON) said last night that the speculators and hoarder are going to record huge loses this week.
This development is largely accountable as a result of the sustained intervention in the interbank market and granting of more access to BDCs at the International Money Transfer Operators (IMTOs) window by the CBN.
“The naira have gain strength from N455/$ to 435/$ at the close of business today. The week ahead is going to be a doom week for speculators and hoarders. My expectation if both volumes and applicable exchange rates are review for the BDC sub-sector, the naira should be trading at N415/$”, Gwadabe said in a text message to BusinessDay.
Gwadabe said developments in the market have completely reduced or eliminated frivolous demand in the market which hitherto has being one of the major reasons for the naira weakness.
 “We expect the Apex Bank to continue its drive to boost forex liquidity in the market. Current external reserves level of $30.3 billion (March 15, 2017) suggests that the CBN is in a healthy position to continue dollar sales to the market”, analysts at Afrinvest Securities limited said.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

Previous Post

Customs controversy: Senator wants non-career persons barred from heading govt agencies

Next Post

NEPC,JETRO‎ partner to address huge wastage of Agric products

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023
Economy

Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023

September 4, 2023
Next Post
NIRSAL partners Moroccan  Credit Agricole to support Nigerian farmers

NEPC,JETRO‎ partner to address huge wastage of Agric products

UAE’s Brightest Minds to Enter Bybit’s Crypto Hackathon in UAE

September 29, 2023

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

September 29, 2023

Ethiopian Delegation to AFSIC – Investing in Africa 2023 Ethiopia – “The New Frontier Market, Opening Doors and Creating Opportunities”

September 28, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version