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..

See the best Governor in the North, and here are 7 of his greatest achievements

Posted By
Ibrahim Hassan Dankwambo , the Gombe state governor, has been rated best governor in northern Nigeria, following an excellent performance within his time i n office. Dankwambo was rated so based on “his outstanding achievements in road infrastructure and maintenance since his swearing in to office on the 29th of May, 2011.” According to The Vanguard, a statement signed by the secretary, Gombe People’s Congress, Aliyu Mohammed on behalf of the Chairman, Aminu Abubakar, it said Governor Dankwambo’s giant strides in infrastructural development as well as road maintenance has drastically reduced the spate of accidents usually recorded on roads in the state due to their bad nature. “On behalf of the entire Leadership of the Gombe People’s Congress and the entire people of Gombe State, We commend the service and developmental strides of His Excellency, the executive Governor of Gombe State, Ibrahim Hassan Dankwambo for his outstandin...
Post a Comment
Read more

Frank Edoho reveals broadcaster, Ejike Ibedilo as the voice of Big Brother Naija

Posted By
Host of Nigeria’s ‘Who Wants To Be A Millionaire’ Frank Edoho, has stated that he is not the voice of Biggie of Big Brother Naija. Ejike Ibedilo Before now, there has been debates on who the face of the voice is in the ongoing BBNaija. Names like Frank Edoho, Yomi Blaq and Yul Edochie were mentioned. Frank in response to a tweet asking if he was the voice said the voice was that of broadcaster, Ejike Ibedilo. Ejike Ibedilo “Biggie is actually Ejike Ibedilo, formerly of Cool FM, moving up in the world. Very proud of him.” he tweeted on his @frankedoho handle. He wrote.
Post a Comment
Read more

President Buhari Scores High on Security

Posted By
The Young Democratic Party (YDP) on Monday commended President Muhammadu Buhari-led government for the achievements recorded so far in addressing security challenges confronting the country. The National Publicity Secretary of the party, Mrs Khairat Animashaun-Ajiboye, told the News Agency of Nigeria (NAN) that the party also scored the government high in its anti graft war. “This administration scores very high in its fight against the insurgents. “The combined efforts of the military to dislodge insurgents in their stronghold, return of 106 Chibok girls, reclaim of our territories and reduced bombings nationwide had redeemed the hope of people from the North East. “The increased sense of responsibility of our gallant soldiers and the renewed professionalism, retraining and retooling of the military is indeed commendable,” Animashaun-Ajiboye, added. She, however, called for viable short term programmes to aid the integration of the Internally Displaced Persons (IDP’s) back ...
Post a Comment
Read more