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Update : Dollar To Naira Today – Dec 14, 2017
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CBN weakens naira to 307/dollar for first time
The Central Bank of Nigeria on Monday weakened the naira marginally, selling dollars at 307 for the first time on the official interbank market.
Foreign exchange traders said the development signalled a gradual move to merge the regulator’s multiple exchange rates.
According to a Reuters report, the country’s convoluted exchange rate system has been used to manage what the CBN described as “frivolous” demand for dollars at the peak of a currency crisis which began two years ago.
Nigeria currently has at least five exchange rates including the official rate which the CBN uses for masking pressure on the currency.
In April the CBN allowed foreign investors to trade the naira at market-determined rate through the establishment of the Investors and Exporters FX window, which has weakened the naira to around 360/dollar.
The CBN has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.
However, it had sold the United States currency at rates of between 305 and 306 for months before Monday’s move. ”It’s possible the central bank is working towards a gradual convergence of rates, one trader told Reuters.
Earlier this month the central bank sold dollars at 306 for the second time after maintaining a level of around 305 on the spot market for two months.
Dollar shortages gripped the economy as crude sales, Nigeria’s mainstay, plunged at the start of an oil price rout in 2014. That triggered a recession last year and frustrated businesses, which had to find dollars on the black market as a result.
Naira sells at N362.5 per dollar at parallel market
The Naira on Tuesday traded at N362.5 to the dollar at the parallel market.
Meanwhile, the Pound Sterling and the Euro closed at N476 and N426 respectively.
At the Bureau De Change window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.
Trading at the interbank window saw the Naira closed at N359.87, while the CBN rate closed at N305.9 to the dollar.
Traders said that patronage at the market was slow as they awaited the outcome of the Monetary Policy Committee meeting of the CBN.
Emefiele said at the end of the MPC meeting that the window transacted more than $18.7bn since it commenced transaction in April.
He added that the Naira had remained stable at the parallel market, while the investors ’window had boosted confidence in the economy.
The MPC meeting of the CBN retained the benchmark interest rate at 14 per cent alongside other monetary policy parameters.
The CBN had injected$ 210m into the foreign exchange market on Monday to boost liquidity.
The series of interventions by the apex bank at the nation’s foreign exchange market had been critical in defending the Naira against the antics of currency speculators.
Naira now N360.02/$ at NAFEX – November 29 2017
THE Naira, Wednesday, appreciated by 35 kobo to N360.02 per dollar in the Investor and Exporter (I&E) window prompted by 10 percent increase in the amount of dollars traded in the window.
Datafrom the Financial Market Dealers Quote (FMDQ) showed that indicative exchange rate for the I & E window, known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N360.02 per dollar, yesterday, from N360.37 per dollar on Tuesday.
FMDQ also reported that the amount of dollars traded rose by 10 percent to $218.66 million yesterday from $198.71 million on Tuesday.
Meanwhile, the Naira, stabilised at N364 per dollar for the sixth consecutive business day in the parallel market, yesterday.