Proshare Logo
   Market Date: 02-09-2014   
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 falls vs dollar to its weakest in 9-wks

Category: Forex


  Read (1946)
Nigerian naira falls vs dollar to its weakest in 9-wks

Thursday December 8, 2011 10:47am

The Nigerian naira eased against the U.S dollar on Thursday to its weakest in nine weeks as robust demand for the greenback from some end-users stocking up for Christmas sales and those excluded from the official window overstretched supply.
 

The local currency was trading at 162.45 to the dollar on the interbank market, weaker than 161.70 to the dollar compared to Wednesday's close.
 

"Dollar inflow has thinned out in the market, while a number of people are covering their short positions, putting pressure on the available dollars," one dealer said.
 

Traders said the local unit of Chevron oil is selling about $35 million to some banks later in the day, while fellow oil company Agip is also selling $27 million, but that may not be sufficient to reduce pressure in the market.
 

At the official window on Wednesday, the central bank sold only $200 million at 156.70 to the dollar, short of the $245 million demanded but in line with the $200 million sold at 156.50 per dollar on Monday.
 

Traders said the low demand at the auction was not a true reflection of real demand for foreign exchange in the market as central bank officials continue to advise banks on the amount of dollars to be demanded and rates to reduce pressure on the bi-weekly auction.
 

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

"There is strong demand in the market and as long as the central bank fails to meet this demand, the naira will continue to depreciate in the near term," 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
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