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

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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

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