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Nairaland Forum / Nairaland / General / Business / Naira To Weaken Further As Dollar Demand Increases (12794 Views)
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Naira To Weaken Further As Dollar Demand Increases by Truth234(m): 7:04am On Aug 18, 2017 |
The naira is seen weakening against the United States dollar on the black market in the coming days as demand for the dollar increases. Stakeholders and industry analysts, however, said the local unit was expected to trade within a range on the investor and exporters forex window and official interbank market. The local currency weakened to 370 against the dollar on the black market on Thursday, compared with 364/dollar last Thursday, Reuters reported. This came on the back of surging demand for the dollar by summer holidaymakers and parents paying school fees for their children abroad, forex traders said. The naira was quoted at 362.39 to a dollar on the investor and exporters forex window on Thursday against 367.49 per dollar last week. On the official interbank window, the local currency traded around 305.65 to a dollar. The gain on the investor window was fuelled by increased dollar inflows from offshore fund managers investing in the domestic equity market, traders said. Meanwhile, Kenya’s shilling is expected to strengthen with commercial banks selling off the greenback, and the Zambian kwacha is set to firm as companies convert forex ahead of month-end salary payments. Kenya’s shilling will firm, helped by commercial banks selling off dollars, tight liquidity in money markets and political tensions easing after the opposition said it would challenge the August 8 presidential election results in court. “I still think that it may firm. People are unwinding their long positions pre-elections and also due to money market liquidity,” a senior trader at one commercial bank told Reuters. The shilling will also get a lift after opposition leader Raila Odinga said he would contest the election outcome in court, calming concerns that further street protests might bring widespread violence. “That has eased tension. Players were a bit concerned about street protests, and now that is probably behind us,” the senior trader said. The Zambian kwacha is likely to strengthen in the coming week, buoyed by hard currency conversions by companies preparing to pay salaries and other month-end dues. Ghana’s cedi is seen firm next week on offshore portfolio inflows for the settlement of a five-year debt to be issued on Friday, according to an analyst. “Investor confidence in the Ghanaian economy continues – we expect to see high offshore participation in this week’s bond sale and this will support the cedi,” analyst Joseph Amponsah of the Accra-based Dortis Research said. http://investorsking.com/naira-weaken-dollar-demand-increases/ 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by ghostdvirus(m): 7:24am On Aug 18, 2017 |
Re: Naira To Weaken Further As Dollar Demand Increases by Neduzze5(m): 7:24am On Aug 18, 2017 |
I have $100 on Iwriter and I was planning to withdraw on Tuesday. Be like say I go wait small sha. Lemme go and cancel Tuesday withdrawal fez an be looking |
Re: Naira To Weaken Further As Dollar Demand Increases by ghostdvirus(m): 7:25am On Aug 18, 2017 |
SweetBoyFriend: ¢ fσя ¢αт? 1 Like 1 Share |
Re: Naira To Weaken Further As Dollar Demand Increases by ghostdvirus(m): 7:26am On Aug 18, 2017 |
Neduzze5:к fσя кєттℓє? 1 Like 1 Share |
Re: Naira To Weaken Further As Dollar Demand Increases by feelgoodstuffs(m): 7:26am On Aug 18, 2017 |
The Rise and Fall of Naira season 2 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by KayDEAN(m): 7:27am On Aug 18, 2017 |
Goodbye alibaba Adieu Amazon Till we see again 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by lovingyouhun: 7:27am On Aug 18, 2017 |
OK oooooooo, with all the millions that have been pumped into the market? 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by Neduzze5(m): 7:27am On Aug 18, 2017 |
ghostdvirus: Modified 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by HAH: 7:29am On Aug 18, 2017 |
This is may be mainly due to Hajj and summer vacations |
Re: Naira To Weaken Further As Dollar Demand Increases by carpmam: 7:30am On Aug 18, 2017 |
Buharii body language at work, d naira want to maintain statuesque before d general comes bck 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by 9japrof(m): 7:31am On Aug 18, 2017 |
In as much as I know that the pumping of dollar into the system keeps naira stable to an extent, it still remains a cosmetic approach not a long term solution but its effects are felt and much better than the fuel subsidy. In order note the level of debt this government is amassing is on alarming scale, just this year alone the government have sold over 7 trillion naira worth of Treasury bills on 18% ROI. Add the figures to the billions of dollars been sources from abroad and the billions been alledgedly recovered from looters and the trillions saved from the so called TSA and I wonder why no structures on ground to justify the mind boggling figures. The Nigeria of today is worse off than previous governments, no improvement in socio-conomic lifestyle of the average Nigeria. Shame on those idiots here on nairaland that live in perpetual ignorance or choose to ignore what's transpiring in the nigerian space but would use their 100 naira data to defend failed leaders due to partisan politics and small handouts paid to them 25 Likes 1 Share |
Re: Naira To Weaken Further As Dollar Demand Increases by 9japrof(m): 7:32am On Aug 18, 2017 |
HAH: True so u mean the CBN needs to pump more than triple of what it was pumping in before to make sure supply outweighs demand 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by Nobody: 7:32am On Aug 18, 2017 |
Re: Naira To Weaken Further As Dollar Demand Increases by JoshMedia: 7:33am On Aug 18, 2017 |
This is really Bad Nigeria government need to do something Check my signature 2 Likes |
Re: Naira To Weaken Further As Dollar Demand Increases by maxiuc(m): 7:34am On Aug 18, 2017 |
Now how do Nigerians say out their minds Since the planing to ban radio station which encourage such APC we are watching Am sure it is the corruption of pass administration that caused the scarcity 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by Johnfavour(m): 7:34am On Aug 18, 2017 |
Those earning in dollars are the one behind this. Their juju is working. |
Re: Naira To Weaken Further As Dollar Demand Increases by itiswellandwell: 7:36am On Aug 18, 2017 |
Hmmmmm.. You dont just trust any link for news. Doubt the authenticity of this news. Check my signature for your Customised ATM Card Flash drive ID CARD. |
Re: Naira To Weaken Further As Dollar Demand Increases by Emeskhalifa(m): 7:36am On Aug 18, 2017 |
Long awaited. Finally ooo. Think it's time to dust my gtb card and get it to work again. |
Re: Naira To Weaken Further As Dollar Demand Increases by Nobody: 7:39am On Aug 18, 2017 |
Ope ooooooo Money money 5 Likes
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Re: Naira To Weaken Further As Dollar Demand Increases by GeneralOjukwu: 7:43am On Aug 18, 2017 |
Was thinking of converting my USD to Naira. The moment I heard that Hajj was about to commence...decided to chill a bit I won't celebrate my country's dwindling economy unlike some cr3tins up there. A bad economy affects us all.... there has been a surge in kidnapping & money rituals. I hope this is temporary. 2 Likes |
Re: Naira To Weaken Further As Dollar Demand Increases by Nathan2016: 7:45am On Aug 18, 2017 |
The kind of dance we freelancers dance when we here of naira weakening imagine making 3000 usd in a month...chai 9 Likes 1 Share
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Re: Naira To Weaken Further As Dollar Demand Increases by JoshMedia: 7:49am On Aug 18, 2017 |
Neduzze5:Lol Check my signature 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by C4Ltd: 7:50am On Aug 18, 2017 |
mogbe and Nigerians are happier for it
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Re: Naira To Weaken Further As Dollar Demand Increases by Nobody: 7:51am On Aug 18, 2017 |
N**igga calling Ni**as Ni**ggas. BroZuma: |
Re: Naira To Weaken Further As Dollar Demand Increases by Nobody: 7:52am On Aug 18, 2017 |
No be dollars dem dey take pay our salaries. |
Re: Naira To Weaken Further As Dollar Demand Increases by SeunFirstSon: 7:52am On Aug 18, 2017 |
Dollar dey demand increase again? When naira go demand e own decrease? |
Re: Naira To Weaken Further As Dollar Demand Increases by feldido(m): 7:53am On Aug 18, 2017 |
Who still needs dollars when I can do with Bitcoin or other cryptocurrencies? 1 Like |
Re: Naira To Weaken Further As Dollar Demand Increases by pointstores(m): 8:04am On Aug 18, 2017 |
nawa |
Re: Naira To Weaken Further As Dollar Demand Increases by An2elect2(f): 8:08am On Aug 18, 2017 |
Neduzze5:To convert at the bank or black market. Which will pay one more? |
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