• Naira depreciates against three currencies at interbank market

    Naira depreciates against three currencies at interbank market

    The Naira depreciated against three currencies at the interbank market on Wednesday.

    The local unit depreciated by 0.23 percent to 314 Naira 92 kobo to the Dollar, 3.13 percent to 422 Naira 64 kobo to the Pound and by 0.33 percent 352 Naira 46 kobo to the Euro.

    At the parallel market, the Naira firmed by 0.47 percent to 423 against the Dollar, but fell 0.56 percent to 540 against the British Pound, and traded flat at 465 against the Euro.

    Traders are […]

  • Forex market records unprecedented inflow, as exchange rate moderates at N305/$

    Forex market records unprecedented inflow, as exchange rate moderates at N305/$

    Pressure on foreign exchange rate eased, yesterday, as the interbank market recorded an unprecedented inflow of USD327 million with a single transaction of USD270 million by foreign investors.

    This development drove interbank rate down to N305.5/ USD1, from last Friday’s closing rate of N314.95/ USD1.

    Governor, Central Bank of Nigeria (CBN), Mr Godwin EmefieleGovernor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

    Bank treasurers said the development came as foreign investors lined up to buy local currency bonds in response to the attractive […]