Fidelity bank banner Bayelsa State banner
Dollar rain eases pressure on naira in Forex market

By News Express on 30/08/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,204


Nigeria’s central bank sold an undisclosed amount of dollars, close to the end of market session, to help prop up the naira.

The currency market also registered 327 million dollars worth of trades on Monday, about six times more than its usual volume,

That included a single 270 million dollars transaction at 345 naira per dollar, by foreign investors buying local currency bonds,

The currency closed at 305 on Monday.

Nigeria is also Africa’s largest economy and its top oil producer, but its public finances have suffered as the price of crude oil dropped around the world.

In June, the country ditched its 16-month-old peg of 197 naira to the dollar to lure back foreign investors who fled both the equities and bond markets in the wake of the plunge in crude prices.

Investors have welcomed the removal of currency controls but many are still steering clear until Africa’s biggest economy shows signs of a concrete recovery.

CBN has also been mopping up naira liquidity to shore up debt yields.

Economic and financial experts said inadequate forex liquidity at the interbank market was taking a toll on the parallel market.

The economic crisis has also worsened due to attacks on the country’s pipelines by a militant group known as the Niger Delta Avengers.

•Text courtesy of TV360 Nigeria.

 

Source News Express

Posted 30/08/2016 05:27:38 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Troops nab terrorists planting bombs along Army’s main...

EFCC busts illegal bank, docks operator

Akwa Ibom adopts International Public Accounting Standard

FG shuts down Ponzi scheme, arrests masterminds

EFCC charges Yakubu with asset concealment

FG withdraws forgery charges against Saraki, Ekweremadu

FERMA under fire over bad roads as accidents...

Anambra State House of Assembly hails Obiano, urges...

Okonjo-Iweala has run a good race

Newspaper Editor, Professor among Nigerian pilgrims trampled to...

US orders Russia to close consulate, trade missions...

Lawyer slams N2.5 billion suit on EFCC over...

 

Latest News Nigerian detainees cry out from Osama prison •Send SOS to Buhari, Adeboye, TB Joshua, UN, others Defection: PDP gives Saraki, Dogara, Tambuwal, Kwankwaso, others two-week deadline We’ll unmask evildoers in Igboland in 2019 — Victor Umeh •Says Okorocha a political error US firms lament ‘pervasive corruption’ in Nigeria PDP moves to change name •Sets up committee 2 Ex-Reps, 2,000 followers defect to APC in Akwa Ibom Herdsmen killings: Miyetti Allah leaders have questions to answer — Gowon 2019 tears Kaduna APC apart •Hunkuyi, Sani, others plot el-Rufai’s fall PDP will win Adamawa in 2019, says Atiku Tension in Rivers over rumour of dead cows IMF warns world leaders, says tariffs will hurt global economy Mob lynches Muslim man transporting cows in India

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (363,832 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,314 views) Shameless Genevieve Nnaji exposes breasts in public (287,736 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (236,078 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,494 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (213,026 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (187,175 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (169,162 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,615 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,383 views) Lagos plane crash: Journalist releases victims’ names (148,159 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,241 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,364) Business Verdict (48) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,159) Interview (158) Live Commentary (28) Love Matters (127) News (37,352) Opinion (1,024) Pidgin (10) Politics (5,646) Religion (790) Sports (1,613) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement