Tag Archives: Sells

Naira Firms As CBN Sells Dollars To Ease Pressure

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The naira closed stronger at both the parallel and interbank markets yesterday, after the Central Bank of Nigeria sold foreign currency to further ease the pressure at the foreign exchange market.

The CBN had last week sold dollars at the interbank market bringing the value of the naira to N308 to the greenback and traders said the apex bank had once again intervened yesterday after the interbank market recorded no trade for four hours after the day’s trading began.

Traders said the apex bank selectively sold dollars to commercial lenders just before the market close. “The central bank came to the market toward the close, and sold dollars to only few banks, which helped to support the naira,” a trader said.

Having lifted the 16 month peg on the foreign exchange rate in June to allow a more flexible exchange rate, the central bank has been selling dollars almost daily to boost liquidity and support the naira.

It had also recently allowed Bureau de Change operators access foreign exchange from banks after it stopped selling forex to them at the beginning of the year. From the initial $30,000 weekly purchase, it last week increased it to $50,000 for each BDC.

Credit:

http://leadership.ng/business/547337/naira-firms-as-cbn-sells-dollars-to-ease-pressure

Naira Sells For N395/$ At Parallel Market

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There was slight improvement in the value of the Naira Friday at the parallel market as it was sold for N395 to the US Dollar just  as two banks kick started the sale of foreign exchange to the Bureax de Change operators.
This translated to N5 gain to the local currency which had slumped to N400/$ at the black market on Thursday.
However, at the inter-bank market, the Naira depreciated further to N318.91 , down from the N315.06  to the dollar from the previous day.
Commenting on the latest development, the President of the Association of Bureau de Change (ABDC)Operators Alhaji Aminu Gwadabe,  who had earlier expressed optimism that the Naira would rebound, said:
“The exchange rate today(Friday) was N394, N395/$.As of today only two banks indicated interest to sell the proceeds of international money transfer which they were asked to sell to us. They said they would sell to us at the inter-bank rate plus one per cent. More banks said they would come by Monday(today).”
On the volume sold to them,  he said it was $15,000 per bid maximum, adding that “the bigger banks were unable to give because of logistics. That would be on Monday also for collection.”

Read More:

http://sunnewsonline.com/naira-sells-for-n395-at-parallel-market/

 

Naira Sells At N322 To Dollar At Parallel Market

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The Naira on Monday, traded at N322 to a dollar at the parallel market in Lagos. The currency was stable in the previous week, maintaining value of between N315 and N320 to a dollar.

However, the naira traded at N450 and N360 for Pound Sterling and the Euro respectively, at the day’s transaction.

The naira also maintained N197 at the official Central Bank of Nigeria (CBN) rate. Traders at the parallel market said that the proposed currency swap deal between Nigeria and China would shore up the value of the naira when implemented.

Credit: vanguardngr