Naira decrease in value in financial market

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Markets

Friday, July 27,2018

The Nigeria’s currency on Thursday decrease in value against the U.S dollar at the investors and exporters (I&E) forex window as the financial market relies on the release of the result for the Chinese Yuan auction held last week by the Central Bank of Nigeria (CBN).

According to the report from Godwin Emefiele, governor of CBN had on Tuesday after the Monetary Policy Committee (MPC) revealed the awaiting result will be released today being (Friday).

On Thursday, trading results shows that  naira lost 0.11 percent to close at N361.86k per dollar as against N361.45k/$ traded the previous day at the I&E forex window, data from FMDQ indicated.

Furthermore Naira also depreciate by 0.14 percent at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) as it closed at N361.93k/$ on Thursday from N361.43k per dollar on Wednesday. The local currency was stable at the CBN official window, closing at N305.90k per dollar.

At the Bureau De Change segment of the foreign exchange market, naira was quoted at N360 to the dollar. Against other currencies it traded at N480 against the British Pounds and N420 against the Euro at the BDC segment.

The CBN last week Friday, July 20, 2018, flagged off its intervention in the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the Bilateral Currency Swap Agreement (BCSA) signed with the People’s Bank of China (PBoC) on April 27, 2018.

 

 

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