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nigeria ,s naira gains against the dollar ,as cbn closes in on currency speculators.

Nigeria’s naira gains against the dollar, as CBN closes in on currency speculators

This is naira’s first major gain against the dollar since late March.

Published

 1 min ago 

on

 June 1, 2020
Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators

The Nigerian currency (the naira) gained against the dollar on Monday by selling at N441 to a dollar at the parallel market.

Note that the N441 exchange rate is stronger than N450 to a $1 that was posted on Friday May 29, 2020.

Meanwhile, this is naira’s first major gain against the dollar since late March. The development follows concerted efforts by the apex bank to disrupt the activities of currency speculators.

Just recently, the CBN Governor, Godwin Emefiele, issued a stern warning to currency speculators and hoarders. He also advised Nigerians to desist from patronizing black-market currency operators. According to him, the rates they are buying the dollar from the black market are unrealistic. Therefore, there is high probability they will lose their money if they continue to do so.

Recall that the CBN recently re-started the weekly dollar sales of $100 million for small businesses and individuals who are in genuine need of Foreign exchange. Reacting to this, the Team Lead at CardinalStone Research, Philip Anegbe, had told Nairametrics that the pressure on the naira is expected to ease soon.

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“I believe some of the recent pressures on FX is driven by speculators’ panic responses to weakness in dollar earnings, the decline in FX inflow through the I and E window, and suspension of dollar sales to BDCs.

“The imminent resumption of BDC activities is therefore likely to slightly ease naira pressures in the parallel markets, but we believe the underlying medium-term fundamental concerns facing the naira still remain,” he said.

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Olumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.

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