Naira ends first trading day at 305.65/$ at interbank
As NAFEX sells $156.43m
The Nigerian currency, Naira, on first trading day of the week (Monday) remained stable at 305.65 to a US Dollar at the official interbank foreign exchange market, Daily Times check has revealed.
As at the close of yesterday trading activities, the Nigerian Autonomous Foreign Exchange (NAFEX) widow sold a total volume of $156.43 million, lower than $167.71m traded a week ago, which showed a decline of $11.28m.
At the parallel market, the local currency, fought against the US Dollar to sustained the 363 traded over the weekend, but weaker against the Euro to close at 425 compared to 423 traded on the last trading day of last week, even though the rate against the Pound sterling was seen at 475 the same rate it traded during the weekend.
The Naira, at the autonomous FX window opened trading at an improved rate of 359.62 per Dollar against 369.67 recorded on Friday; and replicated the same feat at the close of the window, with 360.13 compared to Friday 360.32 to the Greenberg.
The NAFEX, also, transacted total sum of $156.43 the same volume it sold on the last trading of last week (Friday), which was lower than $326.03 turned and in the corresponding period a week ago.
Meanwhile, Importers and Exporters FX window, in the last three weeks had been lifted with a whopping $3.373 billion, recording total volume of $1.246.36 this past week, $954.76m the previous week and $1.172.33m the preceding week.
Two weeks ago, NAFEX, had declared a lesser closing figure of $954.76 million, which was the total traded volume between Monday, October 9 and Friday, 13, 2017.
However, the autonomous FX segment had a better transacted volume of $1.172bn earlier in the month, between Tuesday, October 3 and Friday, October 6 this year.
The breakdown of the investors special window transactions put the just concluded trading week on the positive trend with traded volume of $1.246.36, while first trading day during the week stood as the second lowest figure for the week with $167.71m.
It, however, moved significantly to close the second day trading activities to $268.18m and was seen stronger on Wednesday with daily turnover of $328.01m, which was the highest in the week under review before dropping to $326.03 on Thursday; and the lowest on Friday with $156.43m transactions.
However, the previous week, which had declared $954.76m volume, recorded $207.26m on the first day, before dropping to $86.69m the following day, but rebounded on Wednesday to close at $240.54m, again moved up to $252.56 on Thursday, however, closed that week low with $167.71m traded volume.
The first week out of the considered weeks recorded an improving turnover of $1.172bn in just four trading days.
The local currency at the autonomous FX window, commenced first trading day of the week on Tuesday, due to the closure of the official forex market on Monday for the Independent holiday declared by the Federal Government of Nigeria,
with an opening rate of 359.76 per dollar against 359.89 sold last Tuesday, while closing at 360.40 compared to 360.31 traded the corresponding period in preceding week.
Consequently, forex dealers believed that the newly introduced investors’ forex window has successfully reversed the zero level of investors’ confidence to utmost height.
Motolani Oseni
