Summer time, strong U.S. dollar push naira to a 4-month low

The bullish   greenback  index and   summer time season  holiday  have   caused  a   widespread  boom  in   call for  for   overseas  currencies,   placing  full-size  stress  at the  naira. The naira hit a four-month low on Wednesday,   buying and selling  at N1,612.50/$   withinside the  legitimate  marketplace .
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However,   current  rate  motion  withinside the  black   marketplace  indicated that the naira   favored  in opposition to  the U.S.   greenback  under  the N1600 band. On the   legitimate  marketplace , it fell to N1596.  ninety two  in line with  greenback  on Friday.

The CBN   extended  FX   income  to   accepted  sellers  at a   marketplace  discount,   letting them  promote  U.S.   coins  to   lower  the   growing  values in   each  the   legitimate  and black markets. To stabilize the naira, the CBN sold $106.  five  million to   legal  sellers  over     days on Friday.


Naira, Dollar
Naira posts   slight  profits  amid a bumpy U.S.   greenback
 JULY 27, 2024
After   elevating  hopes, Naira depreciates   in opposition to  the   greenback  via way of means of  five .8% in April
CBN sells $148 million to 29   foreign exchange  sellers  as naira faces   call for  stress   
 JULY 26, 2024
 
In a   declaration  launched  on Friday, the CBN disclosed that the   summer time season  seasonal   upward push  and   developing  call for  from   company  groups  are   the principle  reasons  of the   contemporary  volatility   withinside the  forex  marketplace .

In addition to ordering   traders  now no longer  to   promote  the haven   forex  at a   charge  greater  than 1.  five % above   the acquisition  charge , the Nigerian   significant  financial institution  sold $20,000 to   every  bureau de   extrade  operator at a   charge  of N1,450/$ on Thursday.

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