Friday, December 09, 2016 5.50 PM / TheAnalyst
Today, Naira maintained stable outlook in both markets to close flat against the Dollar. It closed at N305.00 and N399.00 at Interbank and Parallel Market respectively.
According to analysis, Naira held ground against the Dollar in both markets to close flat at the end of week. Further analysis revealed a sustained price recovery and stable trading pattern, similar to trading pattern recorded in the previous week as Naira maintained stable outlook in both markets during the week.
The sustained sale of Dollar to the BDCs and the clamp-down on road-side currency traders had played significant role in stability observed in both markets. However, speculative tendency and scarcity of FX remain the driving factors depressing the value of the Naira.
Furthermore, the Nigerian currency still maintained its support level at N304.00 at interbank market while the Naira maintained its support level at N399.00 at the parallel market as trading pattern in both markets had indicated.
In addition, post-flexible FX regime analysis revealed that Naira had lost 8.21% and 15.65% in value at interbank and parallel markets respectively as at end of trading session today. The spread between the interbank and parallel market rates moderated at 30.61% as against 30.82% recorded in previous week.
1. Naira still holds ground against dollar in both markets
2. Naira sustains stable outlook against dollar in both markets
3. Naira enjoys modest stability against dollar in both markets
4. Naira adds extra value on steep fall at parallel market
5. Naira firms up in parallel market, remains weak in interbank
6. Naira finds support level at N304.00 in interbank market
7. Naira holds ground against Dollar in both markets
8. Bid/Ask spreads shrink as Naira sustains value in parallel market
9. Naira posts 1.56% gain WoW in Interbank, firms at N473 in parallel market
10. Scarcity Hits Parallel Market Due to High FX Demand
11. Central Bank of Nigeria Foreign Exchange Transactions Restriction on Firstbank
12. The 2nd OTC FX Futures contract with notional amount $152.48mm at $/N310,matured and settled on FMDQ
13. Banks assure customers, meets with CBN over FX ban; as UBA is readmitted
14. United Bank for Africa (UBA) re-admitted into FOREX Market
15. CBN Directs Authorised Dealers to Dedicate 60% of FX Purchases to End Users
16. CBN Issues Additional Requirements on Sales of Foreign Currency Proceeds of IMT to BDCs
17. Sales of Foreign Currency Proceeds of International Money Transfers to BDC Operators
18. The Nigerian Forex Situation
19. First Naira-Settled OTC FX Futures Contract Matured and Settled July 27 on FMDQ
20. New FX Market in Need of Additional Supply
21. Provisioning For Foreign Currency Loans