Naira gains at official market, records $179.8m turnover at NAFEX

The Nigerian currency, Naira, on Monday extended its gain over US Dollar at the official foreign exchange market, with closing rate of 305.80 against 305.85 traded on Friday and stronger than 305.90 sold the previous day.

This is even as the Nigerian Autonomous Foreign Exchange (NAFEX) widow, recorded transactions turnover of $179.78 million at the end of Monday trading activities, which was the same figure declared on Friday.

However, the local currency dropped a point each against Pound sterling and the Euro at 476 and 426 compared to 475 and 425 traded over the weekend at the parallel market.

Although, the NAFEX, relapsed to began this week trading activities with an open rate of 359.93 against 359.52 recorded on Friday and 359.97 declared on Thursday, as well as 360.32 closed on Monday weaker than 360.25 sold on the last trading day of last week.

The autonomous Foreign Exchange (NAFEX) widow, recorded total turnover trade of $1.06 billion in just one week, between Monday 20 November and Friday 24 November 2017, Findings by the Daily Times Nigeria has revealed.

However, the Naira, at the end of Friday sustained the slightly appreciated rates declared on Thursday against the three foreign currencies across the forex markets, as the Central Bank of Nigeria (CBN) continued to bridge the gap between parallel market and official market rates with injections of $287.89 million into the currency market to meet request for industries, while extending efforts to boost liquidity and alleviate shortages.

Meanwhile, Fitch Ratings has assigned Nigeria’s USD1.5 billion 6.500 per cent senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625 per cent senior unsecured notes due 28 November 2047 the final rating of ‘B+’.

The final rating replaces the expected rating of ‘B+ (EXP)’ that Fitch assigned on 15 November 2017. The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook.

The rating is sensitive to any changes in Nigeria’s Long-Term Foreign-Currency IDR. On 31 August 2017, Fitch affirmed Nigeria’s Long-Term Foreign-Currency IDR at ‘B+’ with a Negative Outlook. The Long-Term Local-Currency IDR is also ‘B+’ with a Negative Outlook.