Topic: The Naira slump struggle continues ... N192.40 /USD  (Read 4279 times)

0 Members and 1 Guest are viewing this topic.

The Naira slump struggle continues ... N192.40 /USD
« on: February 05, 2015, 02:54:30 PM »
Nigeria's naira recovered from a record low to end trading unchanged on Thursday, after the central bank sold dollars to prop up the local currency, dealers said.

The naira closed where it opened on Thursday, at 192.70 to the dollar. The currency had fallen to a record low of 194.65 shortly after the market opened, then recovered as the central bank stepped in. It had closed within a range of 190.10 to 192.40 the day before.

The central bank has been intervening almost daily in the interbank market since the start of the year. The naira has suffered as falling oil prices weaken Nigeria's economy, causing foreign investment to dwindle.

Dealers say dollar demand is significant on the interbank market, most of it from importers. Nigeria imports around 80 percent of what it consumes.

The naira has been trading outside a target of 160-176 to the dollar that the central bank set following a devaluation in November. It has continued its slide to record lows despite the bank's interventions.
 - Reuters
« Last Edit: February 05, 2015, 03:47:13 PM by flukky01 »

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
4640 Views
Last post November 21, 2014, 08:09:30 AM
by flukky01
0 Replies
1537 Views
Last post January 18, 2015, 01:00:45 AM
by olutee
0 Replies
5490 Views
Last post January 27, 2015, 10:08:47 AM
by olutee
0 Replies
1840 Views
Last post February 09, 2015, 06:03:27 PM
by olutee
0 Replies
1070 Views
Last post August 31, 2017, 01:02:12 AM
by olutee
0 Replies
1009 Views
Last post October 23, 2018, 01:13:04 PM
by PulseNG
0 Replies
978 Views
Last post March 13, 2020, 07:03:55 AM
by PulseNG
0 Replies
388 Views
Last post April 08, 2022, 01:21:07 AM
by olutee
0 Replies
357 Views
Last post March 15, 2023, 01:14:21 AM
by PulseNG
0 Replies
356 Views
Last post June 16, 2023, 01:03:01 PM
by olutee