• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Naira falls to record low as traders track Central Bank’s dollar sale

3 years ago
in Business, Editor's pick, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
160
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira falls to record low as traders track Central Bank’s dollar sale

Nigeria’s currency the Naira has fallen to the lowest on record after traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amid a lack of dollar supply in the authorized foreign-exchange market.

The naira retreated 1.6% to 426.26 a dollar as of 3.30 p.m. local time Thursday on the investors and exporters window, also known as Nafex, in Lagos.

The Nafex is regarded as the official market for foreign currency transactions in Africa’s biggest economy even if most on Nigeria get their dollars from the blackmaket.

Pressure on foreign reserves, which is down 3.4% since the beginning of the year, despite higher oil prices in Africa’s largest crude producer, has forced the central bank to cut down on dollar sales, creating scarcity of the greenback on the market.

The Abuja-based bank did not sell dollars to foreign portfolio investors last week, making many local buyers to source their own foreign-exchange from alternative sources, local investment bank Chapel Hill Denham said in an investment note Monday.

“While we are yet to understand the reason behind this, we believe the persisting declines in FX reserves might have triggered CBN’s restraint to supply FX last week,” it said.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

The dollar scarcity is creating a black market boom, where the naira is exchanging at a record low of 615 to the dollar, giving a spread of 44% on the the official rate.

Last month, MSCI Inc. said it’s considering a downgrade of the MSCI Nigeria indexes to standalone markets status from frontier market due to persistent foreign-exchange shortages.

The naira’s fall “may only point to partial and gradual convergence to higher spot levels at CBN FX sales,” said Samir Gadio, head of Africa Strategy at Standard Chartered Bank.

“The CBN is already selling USD in spot at 450-465 at its secondary market intervention sales auctions,” he said in emailed response to questions.

The Abuja-based central bank has devalued the currency three times in the last two years as it succumbs to demand pressure amid worsening scarcity of the greenback in the continent’s most populous nation.

It has a backlog of about $1.7 billion in unmet dollar demand from investors, according to the International Monetary Fund.

Tags: Central Bank of NigerianairaNaira falls to record low as traders track Central Bank’s dollar saleNigeria
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.