• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Science
  • World
  • Lifestyle
  • Technology
Naira Loses Against Dollar At The Parallel Market

Despite Another $50 Million Allocation To BDCs, Naira Falls Big Across All Forex Market

September 11, 2020
Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

November 10, 2021
Anambra Election: Soludo Dedicates Victory To Three Police Officers Killed By Unknown Gunmen

Anambra Election: Soludo Dedicates Victory To Three Police Officers Killed By Unknown Gunmen

November 10, 2021
Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

July 26, 2021
big brother naija The Untame News

Meet Big Brother Naija 2021 Housemates. Pictures, Profiles, Biographies Of Season 6 Shine Ya Eye contestants #BigBrothernaija2021

July 26, 2021
Flood Deaths Are Rising In Germany, Dozens killed after record rain in Germany and Belgium

Flood Deaths Are Rising In Germany, Dozens killed after record rain in Germany and Belgium

July 16, 2021
Nigeria Senate

Senate Confirms Prof. Sani Adams, As INEC Commissioner Despite Petition Against Him

July 15, 2021
Police Arrest More Suspects Over Murder Of Super TV CEO

Police Arrest More Suspects Over Murder Of Super TV CEO

July 15, 2021
Bitcoin whale

Gigantic Dormant whale moves $25.7 million worth of Bitcoin after 10 years

July 15, 2021
Sanwo-Olu Mourns As Lagos APC Treasurer Sumbo Ajose Dies

Sanwo-Olu Mourns As Lagos APC Treasurer Sumbo Ajose Dies

July 14, 2021
Professor, Ishaq Oloyede

2021 UTME mass failure exaggerated ― JAMB Registrar, Oloyede

July 14, 2021
Buhari Approves N10 billion For Census

President Buhari Mourned and Described Sound Sultan’s Demise As A Loss To The Music Industry

July 12, 2021
Nigeria’s policing system has failed woefully ― Ekweremadu

Nigeria’s policing system has failed woefully ― Ekweremadu

July 12, 2021
  • The UNtame News
  • About Us
  • Contact Us
  • Privacy Policy
  • Fact-Checking Policy
  • Terms of Service
Are You an Eye Witness? Report To Us!
Monday, May 23, 2022
  • Login
  • Register
The Untame News
  • Home
  • General News
  • News
    • Science
    • World
  • Politics
  • Business
  • Entertainment
    • BBNaijaLockdown
    • Gaming
    • Movie
    • Music
  • Sports
    • Basketball
    • FootBall
  • Lifestyle
    • Fashion
    • Food
    • Health
    • Travel
  • Technology
    • Apps
    • Mobile
    • Startup
  • Trending #
    • #BigBrotherNaija2021
    • #EndSars
No Result
View All Result
The Untame News
No Result
View All Result
No Result
View All Result
The Untame News
No Result
View All Result
Home Business

Despite Another $50 Million Allocation To BDCs, Naira Falls Big Across All Forex Market

by Untame Media
September 11, 2020
in General News
Reading Time: 2 mins read
A A
0
Naira Loses Against Dollar At The Parallel Market
502
SHARES
1.4k
VIEWS
Share on FacebookShare on TwitterShare On Whatsapp

1 Despite Another $50 Million Allocation To BDCs, Naira Falls Big Across All Forex Market

Nigeria’s exchange rate at the NAFEX window depreciated to N386.17 during intraday trading on Thursday, September 10, 2020. Also, the naira depreciated to N455/$1 at the parallel market, despite the sales of another tranche of over $50 million to over 5,000 BDC operators by the Central Bank of Nigeria.

Parallel Market: At the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N455/$1 on Thursday, according to information from Abokifx, a prominent FX tracking website. This represents a N10 drop when compared to the N445 that it exchanged on Wednesday, September 9.

2 Currency Developments

The local currency has strengthened by about 7.8% within the last one week at the black market, as the Central Bank of Nigeria introduces some measures targeted at exporters and importers in order to try to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.

The resumption of sales of forex to BDCs on Monday, September 7, 2020, is expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation.

However, the BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders as it was inadequate to meet their expenses.
Some forex traders monitored during the week appear to hoard forex as they anticipated further depreciation in the market.

There has been a sharp drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N386.17/$1.

This represents a 17 kobo drop when compared with the N386 to a dollar that it exchanged on Wednesday, September 9.

The opening indicative rate was N386.57 to a dollar on Thursday. This represents an 11 kobo drop when compared to the N386.46 to a dollar that was recorded on Wednesday.
The N394.13 to a dollar is the highest rate during intraday trading before closing at N386. It also sold for as low as N380/$1 during intraday trading.

Forex Turnover: Forex turnover at the Investor and Exporters (I&E) window declined by about 23.8% on Thursday, September 10, 2020. This drop is a reversal of the improved turnover that was recorded last week.

NairaMetrics

Tags: BusinessDollarNaira
Share202Tweet125Send
Previous Post

My Husband Gana Wanted To Work For God Before He Was Killed; Gana’s Wife

Next Post

#OndoDecides: Don’t Allow APC Rig Ondo poll, Uche Secondus Urges Supporters

Untame Media

Untame Media

Untame News is an Africa news and opinion website focused on politics, culture, technology, health, and more, through its articles, podcasts, videos, and flagship

Related Posts

Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

by Untame Media
November 10, 2021
0

The Department of State Services, DSS, has again, denied journalists access to the courtroom where the trial of detained leader...

Flood Deaths Are Rising In Germany, Dozens killed after record rain in Germany and Belgium

Flood Deaths Are Rising In Germany, Dozens killed after record rain in Germany and Belgium

by Untame Media
July 16, 2021
0

Flood Deaths Are Rising In Germany, Dozens killed after record rain in Germany and Belgium The worst flooding in decades...

Police Arrest More Suspects Over Murder Of Super TV CEO

Police Arrest More Suspects Over Murder Of Super TV CEO

by Untame Media
July 15, 2021
0

Police Arrest More Suspects Over Murder Of Super TV CEO Lagos State Commissioner of Police, Hakeem Odumosun, on Wednesday, revealed...

Sanwo-Olu Mourns As Lagos APC Treasurer Sumbo Ajose Dies

Sanwo-Olu Mourns As Lagos APC Treasurer Sumbo Ajose Dies

by Untame Media
July 14, 2021
0

Lagos State Governor, Babajide Sanwo-Olu, has expressed sadness over the death of the Treasurer of Caretaker Committee of the Lagos...

Next Post
#OndoDecides: Don’t Allow APC Rig Ondo poll, Uche Secondus Urges Supporters

#OndoDecides: Don’t Allow APC Rig Ondo poll, Uche Secondus Urges Supporters

Daddy Freeze Apologizes To Oyedepo Over Video

Daddy Freeze Apologizes To Oyedepo Over Video

Discussion about this post

  • Trending
  • Comments
  • Latest
Clark Middleton, Actor in ‘The Blacklist,’ ‘Snowpiercer,’ Dies at 63

Clark Middleton, Actor in ‘The Blacklist,’ ‘Snowpiercer,’ Dies at 63

October 6, 2020
Mompha Files N5m Lawsuit Against EFCC Over His Re-arrest

Mompha Files N5m Lawsuit Against EFCC Over His Re-arrest

August 19, 2020
Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

July 26, 2021
Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

Nnamdi Kanu’s Trial: DSS Denies Journalists Access From Covering Kanu’s Court Case

November 10, 2021
Anambra Election: Soludo Dedicates Victory To Three Police Officers Killed By Unknown Gunmen

Anambra Election: Soludo Dedicates Victory To Three Police Officers Killed By Unknown Gunmen

November 10, 2021
Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

Lilibet Diana Mountbatten-Windsor Was Finally Added To The Royal Line of Succession Website

July 26, 2021
The Untame News

Copyright © 2020 UNtame News.

Navigate Site

  • The UNtame News
  • About Us
  • Contact Us
  • Privacy Policy
  • Fact-Checking Policy
  • Terms of Service

Follow Us

No Result
View All Result
  • Home
  • General News
  • News
    • Science
    • World
  • Politics
  • Business
  • Entertainment
    • BBNaijaLockdown
    • Gaming
    • Movie
    • Music
  • Sports
    • Basketball
    • FootBall
  • Lifestyle
    • Fashion
    • Food
    • Health
    • Travel
  • Technology
    • Apps
    • Mobile
    • Startup
  • Trending #
    • #BigBrotherNaija2021
    • #EndSars
  • Login
  • Sign Up

Copyright © 2020 UNtame News.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Be Aware!

Sign up to best of business news, Politics News, informed analysis and opinions on what matters to you.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!