Skip to main content

Naira hits 400/dollar on CBN’s investors FX window

Image
Posted By
The naira traded at 400 to the United States
dollar in deals for investors on Monday ,
traders told Reuters , two weeks after the
Central Bank of Nigeria introduced the
Investors FX Window
The window was designed to allow
investors , trade in the currency at market -
determined rates .


Trading sources said investors were
demanding rates above N 400/ dollar while
locals were quoting rates as low as N 350/
dollar .


The sources said traders held a conference
call last Friday with market regulator FMDQ
OTC Securities Exchange to discuss the
wide range of quotes on the naira for
investors , although the meeting did not
produce any resolutions .


FMDQ provides daily opening and closing
quotes on the naira.


Traders, worried about illiquidity in the
currency market despite making the
exchange rate market -determined for
investors , said no resolution was reached at
the meeting.


“We have done deals around N 400/ dollar
levels, ” one trader said , adding that, “Some
of the off -shores investors are insisting on
N 400/ dollar .”


The CBN had in April said it would allow
investors to trade the naira at market -
determined rates , a move intended to
improve the dollar supply and attract
foreign investors who bolted from Nigeria
at the start of the latest naira crisis .


The move introduced yet another exchange
rate to the five existing ones . Still , analysts
doubted it would be enough to draw more
hard currency into the economy .
Investors have questioned the over -the -
phone trading system for lack of price
discovery and transparency .

Source:Punchng

Comments

Post a Comment

Feel free to add your comment.

What's Trending..

MUSIC DOWNLOAD: Selebobo Ft. Davido – Waka Waka

Posted By
Made Men Music Group unveils a massive collaboration with the release “Waka Waka” by Selebobo featuring Davido. Following the massive success of the Yemi Alade assisted “Conquer”; the amazing Selebobo teams up with Davido for yet another smashing single christened “Waka Waka”. The groovy mid-tempo fits in perfectly in Selebobo’s gallery of musical masterpieces; and is a volcanic hit waiting to erupt. “Waka Waka” is available on all music stores and platforms. Enjoy! https://sites.google.com/site/teanaijablogspotcomaudio/home/teanaija-music/Selebobo-Waka-Waka-feat.-Davido.mp3?attredirects=0&d=1
Post a Comment
Read more

UK sanctions Oyakhilome’s TV over 5G/COVID-19 claims

Posted By
The Office of Communications, the regulatory authority for the broadcasting and telecommunications industries in the United Kingdom, has sanctioned Loveworld Limited, operators of  LoveWorld,  a religious cable channel, for airing “unsubstantiated claims linking the pandemic to 5G technology”. The television network owned by the Founder of Christ Embassy, Pastor Chris Oyakhilome, was also penalised for feeding viewers with the claim that coronavirus is a ‘global cover-up’. In a statement on Monday published on its website, Ofcom stated that the caution followed an investigation into the matter. The statement read in part, “Our investigation found that a report on Loveworld News included unsubstantiated claims that 5G was the cause of the pandemic, and that this was the subject of a ‘global cover-up’. “Another report during the programme suggested hydroxychloroquine as a ‘cure’ for Covid-19, without acknowledging that its effectiveness and safety as a treatment was clinically u...
Post a Comment
Read more

Jose Mourinho explains who his one-finger celebration was aimed at

Posted By
Jose Mourinho certainly didn’t hide his emotions after winning the Europa League with Manchester United. After his side triumphed over Ajax 2-0, the Portuguese boss celebrated wildly. Mourinho was seen embracing his son, whilst telling all of his players to hold up three fingers to signify their fairly underwhelming ‘treble’ of the Community Shield, EFL Cup and now the Europa League. But there was one action that nobody could quite understand. Immediately after the final whistle, Mourinho could be seen shaking his index finger rather passionately at the crowd. But what did it mean? Did he mean this was the first major trophy of his spell at United? Did it mean that he was still the Special One? Or was it a message to the victims of the Manchester attacks on Monday? Well, none of the above, actually. Mourinho has actually revealed exactly who his one-finger celebration was aimed at. Mourinho explains his celebration "It's for my family," Mourinho sa...
Post a Comment
Read more