Proshare Logo
   Market Date: 30-09-2014   
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, CBN closes FX window

Category: Forex


  Read (2799)
Nigerian naira falls vs dollar, CBN closes FX window

 

Wednesday December 21, 2011 2:16pm
 

The Nigerian naira fell against the U.S dollar on Wednesday, to its weakest since Oct 10, as the central bank closed its official foreign exchange window for the year, putting pressure interbank market dollar supplies.
 

The naira currency eased to 163.30 to the dollar on the interbank, its weakest in 10 weeks from 162.35 the previous day.
 

"There is some demand in the market and the reality of the central bank closure of the official window for the year must have spurred some customers to buy dollars to edge against possible further depreciation in the coming days," one dealer said.
 

On the last bi-weekly forex auction for the year, the central bank sold $200 million at 156.70 to the dollar, a sum and rate it had maintained since last month. Demand at the auction was slightly higher at $218.08 million.
 

Traders said most forex end-users are of the view that the naira could depreciate further next year because of the recent shift in the central bank's trading band for the naira from +/- 3 percent around 150 to +/- 3 percent around 155 to the dollar.
 

"People are anticipating further depreciation of the naira next year and they are trying to bring forward their obligations in the hope that they can reduce the impact of future depreciation on their business," another trader said.
 

Traders said two oil company, local unit of Chevron sold $10.50 million and Addax $2 million to some lenders, but not sufficient to calm the market.
 

The naira is likely to continue to depreciate against the dollar in the near term as end-users scramble to cover their position and edge against future depreciation.

 

 

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