BUSINESS
Naira appreciates to N366/$1 at parallel market
…As autonomous transacts $363.6m in one day
The Nigerian currency, Naira on Monday gained 0.27 per cent to close at N366 per Dollar against 367 closed over the weekend at the parallel market.
This is even as the Nigerian Autonomous Foreign Exchange (NAFEX) widow recorded a whopping 4363.63 million turnover in just one day transaction against 131.84 million traded last Monday but remained unchanged, while compared to the closing figure of last Friday.
The local currency, had opened yesterday trading activities at 367 to the dollar but gained a total one point at the close daily trading, even though forex traders expect further gains within the week as the Monetary Policy Meeting (MPC) of the Central Bank of Nigeria (CBN) concludes meeting today.
Although, the naira, dropped significantly against the pound Sterling, shedding N4.00, to close at N492 which was weaker than 488 traded during the weekend.
The Nigerian legal tender, also, suffered against the Euro on Monday, with the new closing rate of N440 from N437 it opened for trading on Monday.
Uncertainty continued to surround the outcome of the CBN’s Monetary Policy Meeting that commenced on Monday as speculators trade the foreign exchange market with caution.
The naira appreciated last week attributable to CBN’s intervention of about $545 million into the foreign exchange market last week.
The intervention comprises of $285 million, $100 million, $90 million, and $70 million allocated to the Retail Secondary Market Intervention Sales, wholesale, Small and Medium Enterprises (SMEs) and invisibles segments, respectively.
The CBN’s intervention month-to-date currently stands at $1.05 billion, as the nation’s foreign reserve continued to record steady accretion – reported at $31.88 billion as at 14th September – amid increasing oil prices (currently $56.59/barrel) and stable oil production.
Activities in the Investors &Exporter Foreign Exchange (IEFX) window remained robust, as total turnover in the window estimated $959.37 million.
Although experts had predicted that the Monetary Committee might hold interest rate at 14 per cent and Cash Reserve Ratio at 22.5 per cent.
They expressed that the weekly invention of CBN will aid the nation’s economy in exiting the current recession as the manufacturing and non-manufacturing activities continued to increase.
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