Random Pagan Verse:
Moderate at council should a man be,
Not brutal and over bearing:
Among the bold the bully will find
Others as bold as he.

Author Topic: Naira falls against the dollar to 187.05  (Read 257 times)

Offline ctytravellink (OP)

  • Full Member
  • ***
  • Date Registered: Jul 2014
  • Posts: 202
  • Karma: +0/-0
    • View Profile
Naira falls against the dollar to 187.05
« on: December 18, 2014, 09:35:56 AM »
Loading...

The naira fell by four per cent against the dollar to 187.05 at the interbank foreign exchange market on Wednesday. This is the highest fall in five years on a closing basis, according to analysts.



Foreign exchange market dealers linked the development to the Central Bank of Nigeria?s announcement that its Wednesday?s auction at the Retail Dutch Auction System window was the last for the year.

It was learnt that traders and importers, who could not access the RDAS window, rushed to the interbank forex market to place their demand.

This, dealers said, led to huge demand for the greenback at the interbank market, forcing the interbank rate to close at 187.05, down from 180.50 on Tuesday.

The CBN, however, said the official window of the foreign-exchange auctions would reopen on January 5, 2015.

Analysts said the central bank might need to defend the naira at the interbank market regularly till the end of the year to minimise pressure on the naira.

?Banks may start selling their stock of dollars at high premium since the greenback is no longer available at the RDAS window till next year,? the Head, Investment Research, Afrinvest, a research and business advisory firm, Mr. Ayodeji Ebo, said.

?The CBN will need to keep intervening at the interbank market to keep the naira-dollar exchange rate stable for that period,? he added.

A currency strategist at Ecobank Nigeria, Mr. Kunle Ezun, said, ?If the rate remains at this level tomorrow, we expect the central bank to intervene in the interbank market with sales of dollars.?

Meanwhile, the Brent crude oil price closed at $62.36 a barrel on Wednesday.


 

 

Lagos State is in 1 trillion naira debt - Femi Fani-Kayode

Started by admin

Replies: 0
Views: 415
Last post September 13, 2014, 11:33:59 AM
by admin
Economists urges President Buhari to resist devaluation of the naira

Started by internet police

Replies: 0
Views: 409
Last post November 14, 2015, 07:30:09 PM
by internet police
Nigerian FG move to devalue Naira after removing fuel subsidy

Started by admin

Replies: 0
Views: 232
Last post May 12, 2016, 06:15:43 PM
by admin
Nigerian Naira Appreciates against dollars At 253/$ As Interbank Market Opens

Started by internet police

Replies: 0
Views: 266
Last post June 22, 2016, 01:21:38 AM
by internet police
Nigerian Senate probes scarcity of lower naira denominations

Started by lindaikeji

Replies: 0
Views: 278
Last post February 14, 2018, 12:43:52 AM
by lindaikeji
CBN devalues naira, raises interest rate to 13 per cent

Started by jchima14

Replies: 0
Views: 318
Last post November 25, 2014, 11:58:06 PM
by jchima14
Naira to float in 3-year economic recovery plan

Started by naij

Replies: 0
Views: 291
Last post March 08, 2017, 07:27:10 AM
by naij
Naira closes at N362 as CBN Pumps In $547m in one week

Started by lindaikeji

Replies: 0
Views: 466
Last post September 01, 2017, 09:07:02 AM
by lindaikeji
Naira gains 12.36 % in one week at Parallel market

Started by yungcrux

Replies: 0
Views: 418
Last post March 27, 2017, 01:18:28 AM
by yungcrux
Naira touched down further, hits N390/$1

Started by naij

Replies: 0
Views: 355
Last post March 24, 2017, 03:07:29 AM
by naij