Naira continues to nosedive despite CBN’s $51.8m intervention; exchanges for N440/$

CBN resumed dollar to BDC

Four days after the Central Bank of Nigeria (CBN) had resumed partial sales of dollar to Bureau De Change (BDC) operators in the country, the local currency, naira, continues to trade on the low side as it exchanged for N440 to a dollar in the parallel market on Thursday. The naira had last week dropped from N480/$ to N420/$, following CBN’s announcement to resume forex sales to the BDCs. Market observers noted that the appreciation recorded by naira was due to release of hoarded forex by market speculators in the…

Read more

US dollar holds steady on currency markets


Currency markets had a relatively directionless session on Friday, with the US dollar holding onto its corrective gains after US yields spiked after the US employment data. The dollar index rose just 0.20% to 92.97, while the lack of negative fallout in Asian equity markets today has seen it edge 0.10% lower to 92.87 this morning. The USD/CNY has edged lower to 6.8410 after the trade data, while the EUR/USD, GBP/USD, USD/JPY and AUD/USD remain ensconced mid-range. The New Zealand dollar has edged 0.20% lower to 0.6710 after another New…

Read more