Naira Further Depreciates against the USD at the BDC, Parallel Markets

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...
- Advertisement -

In the just concluded week, Naira weakened further against the USD at the Bureau De Change and the parallel (“black”) market by 2.70% and 2.20% to close at N457.00/USD and N465.00/USD respectively; further widening the gap between market segments and contrary to the objective of CBN to harmonise all FX rates.

However, NGN/USD exchange rate at the Investors and Exporters FX Window (I&E FXW) closed flat at N386.00/ USD. Also, NGN/USD closed flat at N381/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.

Elsewhere, the Naira/USD exchange rate depreciated for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates rose by 0.01%, 0.02%, 0.04%, 0.09% and 0.34% respectively to close at N386.78/USD, N387.60/USD, N388.47/USD, N391.39/USD and N401.76/USD respectively; while spot rate closed flat at N381.00/USD.

In the new week, we expect Naira to stabilize against the USD, especially at the Bureau De Change market, amid CBN’s increasing capacity to intervene; hence, the positive impact could trickle down to the parallel (“black”) window. The external reserves moved northward in the month of September – rising by 0.42% to USD35.81 billion as at September 17, 2020 down from USD35.66 billion.
- Advertisement -
Naira Further Depreciates against the USD at the BDC, Parallel Markets - Brand SpurNaira Further Depreciates against the USD at the BDC, Parallel Markets - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Nigeria's Total Public Debt Stood At N25.70trn in Q2 2019, Says NBS

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Naira Further Depreciates against the USD at the BDC, Parallel Markets - Brand SpurNaira Further Depreciates against the USD at the BDC, Parallel Markets - Brand Spur

Latest News

AB InBev sees improvement with higher beer sales in Q3

AB InBev has recorded an improvement in its third-quarter results, led by the continued strength of the premiumisation trend...

Fundall Raises $150,000 in Pre-seed Funding

As the Fintech industry continues to rethink how Nigerians manage money and transact funds, Fundall — one of its latest startups and direct challenger...

Porsche Taycan electrifies Dubai’s Burj Khalifa, the world’s tallest building

Porsche Middle East and Africa FZE officially kicked off its regional launch for the all-new Taycan with a special animation on the side of...

Lexus Partners with Tosin Oshinowo and Chrissa Amuah to Present Conceptual Design Collaboration This December in Coordination with Des

Tosin Oshinowo, an architect and designer based in Nigeria will work with British-Ghanaian textiles designer Chrissa Amuah to debut a concept design inspired by...

World’s biggest brewer AB InBev scraps dividend despite growth in revenue in Q3

KEY FIGURES  Revenue: Ab Inbev's revenue grew by 4.0% in 3Q20, positively impacted by a healthy volume performance and revenue per hl growth...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Naira Further Depreciates against the USD at the BDC, Parallel Markets - Brand SpurNaira Further Depreciates against the USD at the BDC, Parallel Markets - Brand Spur