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Naira gains at official FX, loses against Euro at official FX

.As I&E window records $201.2m turnover

The Naira, on Monday, 12 March, 2018, appreciated slightly against the US Dollar to close at N305.75 against N305.80 and N305.85 traded throughout last week at the official spot market, but remained stable at N362 at the parallel segment of the forex market, even though it dropped two point to close at N444 per Euro against N442sold over the weekend.

The Investors and Exporters (FX) window, at the end of yesterday trading activities declared total transactions turnover of $201.21 million, the same figure exchanged on Friday, however, better than $120.43 million declared the preceding day.

But the Naira, began trading low at the N360.07 represented 0.03 per cent drop compared to N359.97 recorded on Friday, however, traded high at N361.50 before closing at a more depreciated rate of N360.47weaker than N360.32 sold the last trading day of last week.

The local currency, at the unofficial forex market concluded Monday trading at unchanged rate of N500 to Pound sterling.

Meanwhile, there are clear indications that the Central Bank of Nigeria (CBN) fast approaching $50 billion External Reserves targeted at the end of this 2018, as the reserves now stood at $46 bn as at the close of business on Friday, March 9, 2018.

Figures obtained from the apex bank indicated that the reserves grew by about $3.2 bn between February and March 2018.

The reserves at the beginning of 2018 stood at $39.3 bn, then rose to $42.8 in February before hitting the new high of $46 bn.

Confirming the figures, the CBN Acting Director, Corporate Communications Department, Isaac Okorafor attributed the continued accretion to the country’s reserves to the Bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over $33 bn since April 2017, when it was created.

According to him, the Bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the FOREX reserves by sustaining liquidity in the market and boosting production and trade.

Okorafor also noted that the CBN policy restricting access to FOREX from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers.

It will be recalled that the CBN Governor, Godwin Emefiele, at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos in November 2017, had projected that Nigeria’s external reserves would hit the $40 bn mark in 2018. That conservative projection has since been surpassed

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