Forex Market Gets $514m Boost Ahead Of Yuletide

Forex Market Gets $514m Boost Ahead Of Yuletide
Forex Market Gets $514m Boost Ahead Of Yuletide

Forex Market Gets $514m Boost Ahead Of Yuletide

The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303. 9 million , as it earlier in the week, sold $210 million to sustain liquidity.

This is the second week in succession that the apex bank exceeded a $ 500 million intervention in the past five weeks, running on the heels of a disclosure by the CBN Governor , Godwin Emefiele, that the country is now sitting atop $ 38.2 billion reserves profile.

This subsisted at the popular Investors and Exporters ’ ( I & E) Window at N 359. 83 / $ until the close of transactions at the weekend, indicating eight kobo appreciation week- on – week.

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At the parallel market, it remained at N363/$ on all trading days, while activity level in the I & E window strengthened compared to the previous week, as transactions volume rose to $900.5 million, against $759.2 million in the previous week, representing 18 . 6 per cent increase.

Analysts at Afrinvest Securities Limited told source at the weekend that the global oil cartel’s decision to extend supply cuts agreement till the end of 2018 and continued tension in the Middle East, is favouring consensus expectation of stability in crude oil prices .

The development, which would keep oil prices above $60 per barrel, has already boosted a short to medium term outlook for Nigeria’ s oil earnings and forex market liquidity to a broad positive end.

Breakdown of the total sales showed that priority was given to the real sector of the economy with the sale of 75 percent of the intervention on Friday, amounting to $ 229. 89 million for raw materials and machinery.