₦airaland Forum

EXCHANGE RATES OF NAIRA AGAINST MAJOR CURRENCIES

EXCHANGE RATES
LAGOS PARALLEL MARKET

Quotes: * morning ** midday *** evening
ngn NGN usd USD gbp GBP eur EUR
BUY / SELL BUY / SELL BUY / SELL
25/07/16 370 / 378*** 482 / 495*** 405 / 415***
25/07/16 370 / 378** 482 / 495** 405 / 415**
25/07/16 370 / 378* 480 / 490* 398 / 407*
22/07/16 370 / 378*** 480 / 490*** 398 / 407***
22/07/16 370 / 378** 480 / 487** 398 / 407**
22/07/16 365 / 375* 475 / 485* 390 / 405*



CBN RATE
ngn NGN usd USD gbp GBP eur EUR
25/07/16 310.00 406.87 340.50
22/07/16 300 393.27 330.42

MONEY GRAM...<<<read more>>>by clicking the link below
http://www.forexpot.com/category/black-market/

CBN Targets Rate Convergence with Directive to Sell Remittances to BDCs

The Central Bank of Nigeria (CBN) yesterday explained that its directive to banks that act as agents of international money transfer operators to commence the sale of foreign currency remittances to licensed Bureau De Change (BDC) operators was aimed at achieving exchange rate convergence.


The Special Adviser, Financial Markets to the CBN Governor, Mr. Emmanuel Ukeje, who said this in a phone interview with THISDAY, stressed that the move should not in any way be described as a policy sommersault, as seen by some commentators.

THISDAY reported at the weekend that the central bank had directed authorised dealers who are agents to approved international money transfer operators to sell foreign currency accruing from remittances to licensed BDCs as part of efforts to boost dollar liquidity in the market and ensure stability of the exchange rate.

In its circular, the central bank said: “The foreign currency proceeds of international money transfers sold to BDC operators shall be retailed to end-users in compliance with the provisions of Anti-money Laundering Laws and observance of appropriate Know-Your-Customer (KYC) principles, including the use of Bank Verification Numbers (BVNs).”

Lending further insight into the directive, Ukeje explained that it was not a policy reversal, adding that the CBN would not be the sole source of FX funds to the BDCs.

“Previously, we were allocating forex, but we decided that we were not going to be taking money from our reserves to be doing that.

“So it is those remittances that are going to banks that we want used to fund that market, so that rates can come down. That market is very dry, that was why we decided to open the window.

“So it is not a policy somersault because you remember that even when we decided to stop funding them, we said they could get their money from autonomous sources, and that the central bank will...<<<read more>>> by clicking this link http://www.forexpot.com/market-news/cbn-targets-rate/

Analysts Predict Worsening Consumer Confidence in Nigeria

By Obinna Chima

Analysts have predicted that consumers in Nigeria would come under further strain in the second half of the year as a result of the weakness in the naira, petrol price as well as an anticipated hike in interest rate.

Consumer confidence is defined as the degree of optimism on the state of the economy that consumers are expressing through their activities of savings and spending.


Nigeria’s Consumer Price Index (CPI), which measures inflation, rose by 0.9 per cent to an 11-year high of 16.5 per cent in June compared to 15.6 per cent in May, the National Bureau of Statistics (NBS) revealed last week. That was the fifth consecutive month that the headline index rose. The increase in the month under review was attributed to energy prices, imported items and related products, which continued to be persistent drivers of the core sub-index.

To this end, Johannesburg-based sub-Saharan Africa Economist at Renaissance Capital (RenCap), Yvonne Mhango, noted in a report titled: “Nigeria’s troubled consumer Petrol price, naira...<<<read more by clicking this link>>> http://www.forexpot.com/market-news/worsening-consumer-confidence/

Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.

International Brent crude oil futures were trading at $45.59 per barrel at 0424 GMT, down 10 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $44.09, also down 10 cents a barrel.

Both benchmarks were close to two-month lows reached last week.

Traders said that ongoing oversupply and growing economic headwinds were weighing on oil.

"Headwinds (are) growing for 2H16, hence our bearish...<<<read more>>> by clicking this link http://www.forexpot.com/market-news/oil-prices-dip-ongoing-oversupply-economic-headwinds-reuters/

Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.

International Brent crude oil futures were trading at $45.59 per barrel at 0424 GMT, down 10 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $44.09, also down 10 cents a barrel.

Both benchmarks were close to two-month lows reached last week.

Traders said that ongoing oversupply and growing economic headwinds were weighing on oil.

"Headwinds (are) growing for 2H16, hence our bearish oil...<<< read more by clicking the link below
http://www.forexpot.com/market-news/oil-prices-dip-ongoing-oversupply-economic-headwinds-reuters/

The federal government says the Nigerian economy will grow by 3.3 to 3.5 percent by the end of 2016, defying the International Monetary Fund (IMF) forecast on the economy.

This was disclosed by Udo Udoma, minister of budget and national planning, after the national economic council (NEC) meeting in Abuja on Thursday.

Speaking to journalists after the meeting, Udoma — like Kemi Adeosun, minister of finance — acknowledged that Nigeria is currently in a recession, while awaiting gross domestic product details from the National Bureau of Statistics.

He said the economic council and the federal government as a whole were working assiduously to address the state of the Nigerian economy, which is expected to post a negative second quarter GDP.

The meeting, which was chaired by the Vice President Yemi Osinbajo, came about 48 hours after the IMF said Nigeria’s economy would shrink by 1.8 percent in 2016.

7 STATES YET TO MEET BAILOUT CONDITIONS

In a statement released by Laolu Akande, special assistant to the vice president on media and publicity, it was stated that 27 states had not yet met bailout conditions, while seven were currently being processed due to late submission...read more by clicking the link below
http://www.forexpot.com/market-news/fg-rejects-imfs-prediction-says-economy-will-grow-3-2016-cable/

The naira is took its deepest dive on the interbank market since the launch of the new foreign exchange regime about a month ago.

Naira, which opened at about 294 to a dollar on Thursday, slid pass the 300-mark to trade at 310 to a single dollar on the official market — the lowest official rate in the country’s history.

The Central Bank of Nigeria (CBN) was said to have...<<< read more by clicking the link below
http://www.forexpot.com/cbn/fg-rejects-imfs-prediction-says-economy-will-grow-3-2016-cable-2/

fg-rejects-imfs-prediction-says-economy-will-grow-3-2016-cable-2/

The federal government says the Nigerian economy will grow by 3.3 to 3.5 percent by the end of 2016, defying the International Monetary Fund (IMF) forecast on the economy.

This was disclosed by Udo Udoma, minister of budget and national planning, after the national economic council (NEC) meeting in Abuja on Thursday.

Speaking to journalists after the meeting, Udoma — like Kemi Adeosun, minister of finance — acknowledged that Nigeria is currently in a recession, while awaiting gross domestic product details from the National Bureau of Statistics.

He said the economic council and the federal government...>>>read more by clicking the link below
http://www.forexpot.com/cbn/fg-rejects-imfs-prediction-says-economy-will-grow-3-2016-cable-2/

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