SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • Naira falls N6.40k against dollar as CBN holds last forex auction
  • Capital Market News
  • Naira falls N6.40k against dollar as CBN holds last forex auction
 

Naira falls N6.40k against dollar as CBN holds last forex auction

Naira falls N6.40k against dollar as CBN holds last forex auction

by magna / Thursday, 18 December 2014 / Published in Capital Market News

naira-notes

The nation’s currency, the naira, on Wednesday lost significantly against the US dollar by N6.40k or 3.5 percent at the inter-bank market due to strong demand for the greenback as the Central Bank of Nigeria (CBN) held its last foreign exchange auction for the year.

Consequently, after trading on Wednesday, the local currency closed at N187.10k/$ as against N180.70k/$ the previous day at the inter-bank market, according to data obtained from Financial Markets Dealers Quotations (FMDQ).

The CBN on Wednesday sold some amount of dollar to some deposit money banks at its twice weekly Dutch Auction System (RDAS).

The naira weakened 1.1 percent against the USD in the inter-bank (-12.7% YTD) on December 16, 2014. Strong USD demand, driven by importers, repatriation of profits, and speculation (given the uncertainty of the managed exchange rate regime) continue to undermine NGN.

Meanwhile, the CBN has reviewed the foreign exchange trading position of banks and other dealers to zero percent of shareholders’ funds (SHF) unimpaired by loses, from its current position of 1 percent.

The development, according to a circular signed by Gbadamosi O.I., director, trade and exchange department, CBN, takes immediate effect.

Consequently, authorised dealers are required to maintain zero percent of their shareholders’ fund as foreign exchange trading position at the close of each business day.

The CBN said any infraction of the requirement, in anyway whatsoever, will attract appropriate sanction which may include suspension from foreign exchange market.

The CBN is concerned with the recent developments in the foreign exchange market and its consequences on the stability of exchange rate.

Source : BusinessDay

About magna

What you can read next

Oil theft: NNPC to deploy drones to monitor pipelines, vessels
NSE emerges top African regulator
Tiger Woods struggles in Dubai Desert Classic

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP