Proshare Logo
   Market Date: 15-09-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Nigerian naira weakens on strong forex demand

Category: Money Market


  Read (1822)
Nigerian naira weakens on strong forex demand

Wednesday October 26, 2011 2:33pm

  

The Nigerian naira currency eased further against the U.S dollar on the interbank market on Wednesday as end-users excluded from the bi-weekly auction bid for available dollars. 

 

The naira closed at 159.90 to the dollar on the interbank market from 157.60 naira on Tuesday.

 

On the official window, the central bank sold all of the $345.12 million demanded at 150.05 to the dollar compared to $350 million sold at 150.01 to the dollar on Monday.

 

Traders said the regulator also sold dollars directly to some lenders on Tuesday as part of its regular intervention in the market, which helped the naira to gain temporarily on the interbank market, but it weakened later as no further dollar inflows hit the market.

 

"We are having increased demand at the interbank for dollars because of the decision of the central bank to exclude some oil companies from the bi-weekly auction, yet there have not been commensurate inflows into the market," one dealer said.

 

The central bank two weeks ago stopped petroleum dealers sourcing dollars at its official window for imports and restricted sales at its auctions to foreign firms taking the currency offshore because they can buy from the interbank.

 

Dealers said the series of measures by the central bank to curb forex demand at its auction are squeezing greenback supply      at the interbank.

 

"The market remain a bit erratic because of tight dollar inflow, people are unwilling to give quote for the fear of trading below the market," another dealer said.

 

Traders said the naira may not trade above the 160 naira mark this week as the regular dollar sales by the central bank to some lenders will continue to provide some liquidity until month-end oil companies dollar inflows start coming in.

    

Source: Reuters (Reporting by Oludare Mayowa)

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Money Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint