⢠Naira depreciates to N525 on parallel market, stable on I & E window
Obinna Chima and
Nume Ekeghe
By putting an end to the sale of foreign exchange (FX) to Bureau De Change (BDC) operators, Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has âdisrupted one of the juiciest gravy trains in the Nigerian economic racket,â Financial Derivatives Company Limited (FDC) has stated.
However, the naira depreciated to N525 to a dollar yesterday on the parallel market, lower than the N505 to a dollar it traded on Tuesday after the central bank announced its discontinuation of FX sale to BDCs. But on the Investors and Exportersâ (I & E) window, the naira exchange rate against the dollar closed at N411.60 to a dollar at the close of market yesterday, compared with the N411.50 to a dollar it closed the previous day.
Ban on forex sale: NESG, Rewane ask CBN to ensure policy success, cushion effects
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Rupee appreciates
July 27, 2021
KARACHI: The rupee posted gains on Monday on the back of higher inflows and slow demand for dollars, with dealers expecting the local unit to stay steady in the coming days.
In the interbank market, the rupee closed at 161.23 per dollar, up from 162.32 on Friday. It appreciated by Re1 or 0.68 percent. The rupee ended at 161.50 to the dollar, unchanged from the previous close in the open market.
“Dollar demand from importers was not higher today. Supplies were healthy so the rupee strengthened against the greenback,” said a foreign exchange dealer. “Inflows from remittances and export receipts started materialising, which supported the local unit.”
Rupee likely to weaken further
July 25, 2021
KARACHI: Rupee would likely continue to trade under pressure next week on account of high demand for hard currency and diminished supply, while US dollar appreciation against the basket of major currencies would also weigh down the local unit.
The rupee saw two sessions of volatility and plunges this week fuelled by higher imports, spike in international commodity prices, and deteriorating current account balance. Traders did not hold their breath ahead of a closely-watched monetary policy meeting scheduled by the State Bank next week.
Domestic currency fell by 0.52 percent to 162.32 versus the greenback in the interbank market.