Naira Trades N412.88/$1 as CBN Roars at Illegal FX Traders

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By Adedapo Adesanya Brent crude futures surged by 2.8 per cent or $2.59 on Wednesday to the highest settlement in 2023 at $96.55 per barrel after a steep drop in crude stocks in the United States compounded worries of tighter global supplies. The price of the US West Texas Intermediate crude futures (WTI) climbed by 3.6 per cent or $3.29 to $93.68 as the Energy Information Administration (EIA) reported a crude oil inventory draw of 2.2 million barrels for the week to September 22 in the country. In the preceding week, the agency posted an inventory draw of 2.1 million

By Dipo Olowookere Profit-taking persisted on the floor of the Nigerian Exchange (NGX) Limited, as investors refused to tone down their profit-taking activities. It was observed that the market is gradually entering panic mode due to macroeconomic instability in the country, especially with the exchange rate of the Naira to the Dollar going above N1,000 in the parallel market. A stockbroker with one of the leading brokerage firms in the country, who asked not to be named, said the local bourse was witnessing panic selling due to investors liquidating their shares for Dollars. “This trend will continue for a while

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Adedapo Adesanya  Major oil prices dropped into the second consecutive day on Tuesday after losing most of its gain as weak Chinese industrial data slowed progress in the US-China trade deal. On Tuesday, expectations for a rise in the United States crude inventories and wane in optimism over a US -China trade deal saw oil prices drop further. During the trading session, price of the Brent crude oil went down by 12 cents or 0.2 percent to trade at $61.13 per barrel, while price of the West Texas Intermediate (WTI) crude lost 38 cents or 0.68 percent to sell at

By Adedapo Adesanya The new Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Mr Haitham Al Ghais, has said the group is not to blame for soaring inflation, pointing the finger instead at chronic underinvestment in the oil and gas industry. In an interview with CNBC’s Hadley Gamble, he said, “OPEC is not behind this price increase.” “There are other factors beyond OPEC that are really behind the spike we have seen in gas [and] in oil. And again, I think in a nutshell, for me, it is underinvestment — chronic underinvestment,” he added. “This is the harsh

By Modupe Gbadeyanka A report has disclosed that the external debt service of Nigeria in the first quarter of 2017 stood at $130 million. Analysts at FBNQuest Research said on Monday that if the interest and fee payments of $90 million were taken off, it would amount to an annualised average interest rate of 2.6 percent. The report said the optimal blend of federal government’s domestic/external debt obligations, according to the DMO’s medium-term strategy, was 60/40, while the ratio for the FGN at end-March remained unchanged at 76/24. It said in stark contrast to the challenging burden of its sovereign

By Cowry Asset In the just concluded week, local OTC bond prices declined (and yields increased) across most maturities followed renewed profit taking activity. Specifically, the 20-year, 10.00 percent FGN July 2030 bond, the 10-year, 16.39 percent FGN JAN 2022 paper, the 7-year, 16.00 percent FGN JUN 2019 paper and the 5-year, 14.50 percent FGN JUL 2021 paper depreciated by N0.20, N0.06, N0.76 and N0.78 respectively while their corresponding yields increased to 14.66 percent (from 14.62 percent), 14.52 percent (from 14.51 percent), 15.05 percent (from 14.51 percent) and 15.05 percent (from 14.76 percent). Elsewhere, FGN Eurobonds prices tanked across the

By Modupe Gbadeyanka The Nigerian local currency suffered a huge shock on Tuesday after falling to N485 per Dollar at the parallel market. The crash, according to market analysts, is due to the continuous crackdown on traders of foreign exchange at the black market. However, it was observed that the Naira exchanged against the Euro at 510 as it traded on Monday, December 5, 2016. But the Pound went up, trading at N600 at the parallel market against N590 per Pound it was sold at the market yesterday. Also, the local currency crashed by N10 at the official interbank market,

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By Adedapo Adesanya The local currency extended its strong performance against the US Dollar in the Peer-2-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) windows of the foreign exchange market on Thursday, March 9. The Naira further gained N1 against the greenback at the P2P market segment during the session to close at N754/$1 versus the previous day’s N755/$1. In the black market, the Nigerian Naira appreciated against its American counterpart by N1 to sell for N745/$1 compared with Wednesday’s exchange rate of N746/$1. In the same vein, in the I&E window of the FX market, data