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NAFEX: FX Traders Are Creating Artificial Dollar Scarcity |


Arbitrage activities were spotted in the parallel foreign exchange (FX) market after the Central Bank (CBN) adopted Nigeria’s Autonomous Foreign Exchange for legitimate transactions.
In the currencies market, Chapel Hill Denham said the Nigerian local currency, naira gained in the investors and Exporters window by 0.12% or 12kobo on while in the parallel market, it shed 1.62% or N1.62.
The investment firm however said the decline in the parallel market is linked to arbitrage activities in which traders are creating artificial scarcity of the United States dollar in reaction to the convergence of the official and NAFEX rate on the CBN website. ....

United States , Hill Denham , International Monetary Fund , Central Bank , National Bureau Of Statistics , Nigeria Autonomous Foreign Exchange , Autonomous Foreign Exchange , Chapel Hill Denham , National Bureau , ஒன்றுபட்டது மாநிலங்களில் , மலை டென்ஹாம் , சர்வதேச பண நிதி , மைய வங்கி , தேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள் , நைஜீரியா தன்னாட்சி வெளிநாட்டு பரிமாற்றம் , தேவாலயம் மலை டென்ஹாம் , தேசிய பணியகம் ,

96% of Nigeria's $34.7Bn External Reserves are made of foreign debt


Foreign debt accounts for more than 95% of Nigeria’s external reserves after falling behind $35 billion mark due to lack of external inflows arising from weak foreign investors sentiment analysts said in a report.
While foreign debts level has increased further as a result of pandemic-induced fiscal stress, the Nigerian external reserve has plunged strongly to $34.7 billion as of May 2021 compared with $33.348 billion external debts.
Tumbling gross foreign reserve has however weakened the Nigerian central bank market intervention amidst scarcity of foreign currencies inflow into the economy.
Analysts told MarketForces Africa that CBN’s weekly intervention in the foreign exchange market has dropped, even after the economic lockdown has been lifted. ....

Hill Denham , Marketforces Africa , International Monetary Fund , Fitch Ratings , Cowry Asset , Nigeria Autonomous Foreign Exchange , Reel Effective Exchange Rate , Petroleum Industry , Exporters Window , Chapel Hill Denham , Bonny Light , External Liquidity Tensions , Reserves Offer Support , Developments Driven , Economic Recovery , Petroleum Industry Bill , Debt Accounts , Debt Rises , Asset Limited , மலை டென்ஹாம் , சர்வதேச பண நிதி , ஃபிட்ச் ரேடிஂக்ஸ் , கோழி சொத்து , நைஜீரியா தன்னாட்சி வெளிநாட்டு பரிமாற்றம் , பெட்ரோலியம் தொழில் , ஏற்றுமதியாளர்கள் ஜன்னல் ,