Proshare Logo
   Market Date: 24-10-2014   
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 at interbank, CBN auction

Category: Forex


  Read (1923)
Nigerian naira weakens at interbank, CBN auction

 

Monday November 28, 2011 2:22pm 

The Nigerian naira weakened against the U.S dollar on both the interbank market and at the official central bank window as demand for the greenback continue to outweigh supply, traders said on Monday.
 

The naira currency eased to 160.20 to the dollar on the interbank, compared to 159.65 a dollar close on Friday.
 

Traders said the local currency eased to 160.60 to the dollar intraday after results of the bi-weekly auction showed a supply gap, but later firmed as the central bank sold dollars directly to some lenders to curtail pressure on the naira.
 

On the official window, the central bank sold only $200 million at 157.26 to the dollar, short of the $315.63 million demanded. The regulator sold $250 million at 156.21 naira to the dollar at the previous auction on Wednesday.
 

The central bank moved its target trading band for the naira last week to +/- 3 percent around 155 naira, from +/- 150 due to prolonged naira weakness and high dollar demand.
 

"There is still strong demand in the market and unless the central bank continues to intervene by selling dollars directly to the market, the naira will continue to be under pressure," one dealer said.
 

Traders said the central bank came to the market shortly before the close of business with unspecified amount of dollars, sold to some lenders, which helped to calm the market.
 

"It all depends on the central bank's willingness to support the market with regular intervention, otherwise the naira will continue to weaken," another dealer said.
 

 

 

Source: Reuters (Reporting by Oludare Mayowa)



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Forex

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