Tag: parallel market rates
A spike in parallel market rates in the past few days has seen the Nigerian Naira come under pressure in recent days, but the Central Bank of Nigeria (CBN) maintains that market fundamentals do not support devaluation at this time. The CBN says it is investigating to clamp down on people involved in speculative market behaviour. As Nigerians also await communication from the committee set up to assess and respond to the impact of the coronavirus on the 2020 budget and Nigerian economy, Andrew Nevin, Partner and Chief Economist at PwC Nigeria and Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria joins CNBC Africa to assess how recent developments impacts Nigeria's economy.
The naira appreciated by 0.1 per cent to 362 naira 21 Kobo at the Investors and Exports (I & E) window on Monday, while parallel market rates weakened by 0.3 per cent. To review Nigeria's money market as the U.S face-off with China escalates, Chioma Udu, Forex Dealer at GT Bank joins CNBC Africa for more.
Traders say the Naira depreciated at the I and E window by 14 basis points to 362 niara, 39 kobo while parallel market rates remained flat at 360 niara. Adamma Mbachu, Head of Currency Trading at Access Bank, joins CNBC Africa for more.