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BAD NEWS | Naira Sinks Further, Exchanges 377 to Dollar

The naira yesterday exchanged at N377 to dollar in the parallel market, weaker than N373 on Wednesday after the Central Bank of Nigeria (CBN) failed to intervene in the market.

At the interbank rate, the currency traded at N309 to dollar at noon, but later recovered to close at 292.40 on thin trades. The interbank market traded a total of $7.27 million.

The naira fell to an all-time low on dollar supply shortages.

Traders were expecting the central bank to intervene to ease dollar shortages, but that did not happen. The bank has not intervened for most of this week, they said. Instead it was mopping up naira liquidity to support the currency.

“Now that the market has adjusted upwards it seems people are comfortable and that’s why we are seeing some trades,” one trader told Reuters.

Meanwhile, this year’s Annual Meetings of the Association of African Central Banks (AACB) have been scheduled to hold in Abuja from  August 15 to 19.

The meeting of the Assembly of Governors will be preceded by a technical committee and bureau meetings from August 15-17. On August 18, it would a  symposium. It has as theme: “Unwinding unconventional monetary policies: Implications for monetary policy and financial stability in Africa.”

The event scheduled for the CBN Head Office, Central Area, Abuja will be declared open by President Muhammadu Buhari, while the keynote address will be delivered by Prof. Mario Draghi, the Governor, European Central Bank.

Speakers include former Kenyan Central Bank, Prof. Njuguna Ndung’u,  and  his Mexican counterpart, Dr. Augustin Carstens.

The AACB was introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government in Addis Ababa, Ethiopia.

African Heads of State and Government agreed to set up an Economic Committee to study monetary and financial issues with governments and in consultation with the Economic Commission for Africa (ECA).



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Copyright 2015 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to and other relevant sources.

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