Banking & Finance

Naira Closes Flat At Investors And Exporters Window, Parallel Market

In the just concluded week, Naira remained unchanged against the US Dollar at the Investors & Exporters (I&E) and parallel (‘black’) markets to close at N410.00/USD and N485.00/USD respectively – despite the Central Bank of Nigeria (CBN)’s N5 to a dollar scheme.

Brandnewsday confirms that the Naira weakened against the greenback at the Bureau De Change (BDC) by 0.63% to close at N480.00/USD.

Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for Invisibles.

Advertisement

READ: CBN To Boost Diaspora Remittances Inflow Through ‘Naira 4 Dollar Scheme’

Also, despite the CBN’s ‘Naira 4 Dollar Scheme’ to boost the diaspora remittances and further strengthens the circulations of the US Dollar in the country, seems not to be effective.

Naira Closes Flat At Investors And Exporters Window, Parallel Market

Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months and 3 months rates fell by 0.04%, 0.08% and 0.06% respectively to close at N412.09/USD, N415.05/USD and N417.87/USD respectively.

Advertisement

However, 6 months and 12 months rate rose by 0.18% and 0.07% to N426.18/USD and N442.45/USD while the spot rate remained flattish at N379.00/USD.

READ: Gold Price Today: Gold Ups By 25% In Decade As US Dollar Weakens

The unchanged Naira/USD rate at the parallel market and the weakened position of the Naira against the greenback was in tandem with our expectation last week that the N5 to a dollar scheme by CBN may not have a significant impact on the exchange rate. Hence, in the new week, we expect Naira/USD to remain flat at most FX Windows.

Advertisement
Facebook Comments
Brand News Day

Share
Published by
Brand News Day
Tags: NairaParallel Market
4 years ago

Recent Posts

Bad governance: Recreating Nigeria To Avert Collapse

Michael Owhoko, Ph.D The root cause of Nigeria’s problem is, unarguably, an inappropriate system of…

1 day ago

Top Reasons FUZE Talent Show 3.0 Will Blow Your Mind!

Stanbic IBTC Pension Managers has launched the third edition of their highly anticipated FUZE Talent…

1 day ago

Stanbic IBTC Launches DiSEP 4.0, Empowering Nigerian Youths With Cutting-edge Digital Skills

Stanbic IBTC Holdings, a member of Standard Bank Group, has unveiled the fourth edition of…

1 day ago

Stanbic IBTC Pension Managers Champions Nigerian Art With ART X Lagos Sponsorship

Stanbic IBTC Pension Managers has again made a significant mark on Nigeria's cultural landscape by…

2 days ago

NOVA Bank In Early Crisis As Pioneer MD, Wale Adedeji ‘Exits Ship’

NOVA Bank, one of the latest commercial banks in Nigeria, may be experiencing a major…

2 weeks ago

Rite Foods Partners With Sterling One Foundation For Beach Clean-up

Rite Foods Limited recently partnered with Sterling One Foundation to conduct a clean-up exercise on…

2 weeks ago
Warning: Undefined variable $post in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5317 Warning: Attempt to read property "ID" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5317 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Undefined variable $rows in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Trying to access array offset on value of type null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322 Warning: Attempt to read property "seo" on null in /customers/e/a/5/brandnewsday.com/httpd.www/wp-content/plugins/schema-and-structured-data-for-wp/admin_section/common-function.php on line 5322

This website uses cookies.