Proshare Logo
   Market Date: 21-11-2014   
Agriculture ARTS FINANCE 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

Nigeria naira eases at interbank, auction on demand

Category: Money Market


  Read (1685)
Nigeria naira eases at interbank, auction on demand

 

Monday November 21, 2011 2:12pm

The Nigerian naira eased against the U.S dollar on both the interbank market and at the bi-weekly auction on Monday as demand for the greenback outpaced supply.
 

The naira currency closed at 158.90 to the dollar on the interbank market compared with 158.65 on Friday as the central bank failed to meet all demand at the official window, putting further pressure on the currency available in interbank trading.
 

At the official window, demand surged to $419.22 million but the central bank sold only $250 million naira at 155.21 to the dollar. The central bank sold all the $333.82 million demanded at 154.50 to the dollar at its last auction on Wednesday.
 

"The market reacted to the shortfall in supply at the official window, but fear that the central bank could intervene in the market kept the rate within band at the interbank," one dealer said.
 

The central bank has, through its regular direct dollar sales to some lenders in recent weeks, reduced volatility in the market with the local currency trading within 157.50-159 band at the interbank market.
 

"We do not see the naira depreciating with a wide margin in the week because of the possible intervention in the market by the central bank," another dealer said.
 

Central bank Governor Lamido Sanusi told Reuters on Sunday the naira had reached the desired degree of stability.
 

Dealers said they do not expect any major shift in policy by the central bank towards the naira when Sanusi speaks at the end of a monetary policy committee meeting later on Monday.  
 

 

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
Volunteer Program
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