Tuesday, May 9, 2017, 4:28 PM /FDC
In 2016, the adoption of the flexible exchange rate policy initially led to a major depreciation of the Naira. This was because, in reality the CBN adopted a managed fixed rate.
In Q1 2016, $3.51bn was deployed into the market and the Naira fell by 17.39%. In the same period in 2017, with only 68% ($2.41bn) of the amount, the Naira has appreciated by 25% because of a more transparent process.
Nigerians have gone from despair to anxiety in 2017 and will be more hopeful if the strengthened currency is accompanied by an increase in economic activity.
In the attached slides presented on Channels TV Business Morning Program, Bismarck Rewane explains how and why the economy in Q2 will be brighter than the previous quarter.
1. CBN pumps $81.2m for BTA, PTA, Tuition fees, SMEs segments
2. Naira to Appreciate Ahead of Heavy Injection of FX by CBN as FX availability excites manufacturers
3. Forex Market Analysis: GBP and AUD Approaches Resistance Level. UK Rate and Inflation Report in Focu
4. Dealers Fail To Subscribe Fully to CBN $100m Offer
5. Forex Market Analysis: USD and JPY Consolidates around 111.84 Support Level, ahead of FED Meeting
6. Forex: CBN bars erring banks from SME Wholesale Forex window effect May 2, 2017
7. PMI Reading No 49: A Surge With Forex To Thank
8. Naira set to appreciate further as CBN plans more injection into inter-bank market
9. Forex: Dealers pick $85.69m out of $100m offered by CBN
10. Forex Market Analysis: NZD and USD at Support Area. US GDP Data Release in Focus
11. CBN Offers $100m in Wholesale Forwards
12. CBN Auctions $185.86m in Retail SMIS
13. More, Not Fewer Exchange Rates
14. CBN Sells $25m in New FX Window as Dealers Fail to Subscribe Fully to CBN’s $150m Offer
15. NZD and CAD Approaching the 0.9630-0.9560 Resistance Area
16. CBN Injects $246.2m for Wholesale, SMEs, Invisibles
17. The New 'Investors and Exporters Window' Framework - Another Step to Improving Liquidity
18. Forex Market Analysis: GBP and USD Consolidates at the 1.2802-1.2889 Resistance Area
19. CBN Announces the Establishment of Investors' & Exporters' FX Window