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

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

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

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 N400/dollar while locals were quoting rates as low as N350/dollar.  Read more

CBN offers $81.2m, as parallel market remains N391. Guardian Online

The Central Bank of Nigeria (CBN) yesterday, intervened in the foreign exchange market with $81.2 million, covering invisibles and Small and Medium Enterprises (SMEs) segments.

Meanwhile, the parallel market rate has remained steady at N391 per dollar, the level it was throughout last week, as a result of the persistent interventions by the regulator, in fulfillment of its pledge to keep the market liquid.

The intervention, which came on the heels of $389 million offer in the retail segment of the forex market last weekend, showed that the apex bank provided the sum of $44 million to meet customers’ requests for invisibles such as Basic Travel Allowances (BTA), Personal Travel Allowances (PTA), medical bills and tuition fees, among others.  Read more

NSE All-Share Index Gains 0.70% on Sustained Bull Run. Thisday Online

The stock market sustained its bullish trend yesterday following high demand for fast moving consumer goods, insurance and banking stocks. Having gained 1.85 per cent last week, some level of profit taking was expected as trading resumed for the week yesterday.

However, it appears investors are delaying their profit taking as bargain hunting remained high.

Consequently, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.70 per cent to close at 26,418.33, while market capitalisation added N63.2 billion to close at N9.1 trillion.  Read more