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   Market Date: 30-01-2015   
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Money Market

  1. Naira Exchanges for N210.50/USD1 despite CBN’s Forex Prop-up Effort


    Today, the Nigerian Naira continues to trade on the high side despite efforts by the Central Bank of Nigeria to stabilize the rate by increasing forex sales. The currency traded for N210.50 to a dollar. The high naira/dollar exchange rate is compounded by deliberate hoarding of the dollar by some BDCs, making it available to only customers willing to take the tag of the “highest bidder.” Today’s market survey also reveals that the Great Britain Pounds (GBP) is more readily available than the US dollar.
  2. Forex Scarcity Hits Lagos: N210/USD1, N310/GBP as BDCs Complain


    The Naira/USD exchange has defiled the CBN no-panic-call as the Nigerian currency continues to trade far above its official rate of N168 to a dollar. This is against the recent call made by The Central bank Governor to Nigerians not to panic over the recent depreciation of the Naira. The Nigerian currency exchanged for N187.30 at the interbank market against the dollar while the black market rate was N210.
  3. USD/Naira is N211 today in the Black Market - 280115


    As we continue to monitor the performance of the naira against the dollar following the devaluation of the Nigerian currency in November 2014, we highlight today how the naira fared against the dollar in the parallel market.
  4. Ensuring the naira trades close to its ‘fair value’


    In 1985, a dollar was exchanged for less than a naira; but today, it is exchanged for N168/$ at the official market and much less at the interbank and parallel markets (N210/$). While many analysts and financial market operators are not comfortable with this drastic change in the fortune of the naira, others are of the opinion that with the changing economic environment, further devaluation may still be necessary for the naira to trade at its fair value.
  5. US$/N is N210 today in the Black Market- 270115


    As we continue to monitor the performance of the naira against the dollar following the devaluation of the Nigerian currency in November 2014, we highlight today how the naira fared against the dollar in the parallel market.
  6. Worst Case Scenario - Naira


    The Naria has been declining again, and only a short while after the CBN devalued the currency, it is now trading at almost N200 to the USD. This brings to question, what is the worst case. Sadly, the $1=N200 equation is upon us, and given the overall bleak economic output, fueled by the dropping oil prices, there seems unlikely to be any improvement in the situation even in the medium term.
  7. US$/N Remains at N208 on Monday in the Black Market- 260115


    As we continue to monitor the performance of the naira against the dollar following the devaluation of the Nigerian currency in November 2014, we highlight today how the naira fared against the dollar in the parallel market.
  8. US$/N is N205 today in the Black Market – 220115


    As we continue to monitor the performance of the naira against the dollar following the devaluation of the Nigerian currency in November 2014, we highlight today how the naira fared against the dollar in the parallel market.
  9. MPC Holds on broad positions. Any respite for the Naira?


    The CBN's Monetary Policy Committee (MPC) held her first scheduled meeting for the year 2015 on Monday and Tuesday, the 19th and 20th of January.
  10. CBN Stops Dollar Sales to BDCs


    This is to inform all authorized dealers that in continuation of the review of developments in the foreign exchange market and to curb speculative demand in the market, both rDAS and interbank funds should henceforth be used, strictly for funding of Letters of Credits, Bills for Collection and Other invisible transactions, subject to appropriate documentation as provided by extant regulations
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