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 Rebounds At Parallel, Black Markets
  • Capital Market News
  • Naira Rebounds At Parallel, Black Markets
 

Naira Rebounds At Parallel, Black Markets

Naira Rebounds At Parallel, Black Markets

by magna / Tuesday, 27 January 2015 / Published in Capital Market News

The Naira on Monday rebounded to gain N6 against the dollar following the Central Bank of Nigeria’s (CBN) plan to upwardly review the weekly Forex cash sales to Bureau De Change (BDC) operators.

The News Agency of Nigeria (NAN) reports that the appreciation was recorded at the parallel and black markets.

A check by NAN in Lagos revealed that the Naira sold for N202 at the two markets from the N208 it was traded on Friday Jan. 23.

It also exchanged against the pounds at N297 and N295 at the BDCs and the black market, respectively.

The Naira to the Euro sold for N230 at the two markets.

NAN recalls that the Central Bank of Nigeria (CBN) on Jan. 23 reviewed the weekly Forex sales to BDC operators.

The CBN said the decision was part of the ongoing review of developments in the foreign exchange market and to deepen the BDC’s segment.

As a result, the CBN reviewed the weekly Forex cash sales to BDCs upward from 15,000 dollars to 30,000 dollars with effect from Wednesday Jan. 28.

The decision will make the CBN sell to BDCs at the prevailing interbank rate while BDCs are expected to sell not more than 3.5 per cent above the bank’s selling rate.

BDCs are also to ensure that Naira not sold are returned to the CBN within 48 hours of purchase. (NAN)

Category: Product #: Regular price:$ (Sale ends !) Available from: Condition: Good ! Order now!
Reviewed by on. Rating:

Source : Leadership

About magna

What you can read next

Okomu Oil: Earnings remain strong despite seasonal slowdown
UBA Affirms Support For Education As UNILAG Inaugurates Trustees Board For UBA Chair Of Finance
EPL: Arsenal fans want Wenger out

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