Glamtush
No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

BREAKING: Naira Hits Strong At Parallel Market

byAngela Davies
November 22, 2021
in Business & Brands
Bureau De Change Operators
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Naira has hit strong at Parallel Market.

 

Glamtush reports that Nigeria’s official currency, the naira was trading at N545 to the dollar on the parallel market over the weekend, maintaining its strongest level since early September 2021.

READ ALSO

PHOTO NEWS: Standard Chartered Bank’s ED Visits Wema Bank

Sterling Bank States True Position On ICPC’s Allegaton On Abuja Regional Office 

 

This online newspaper understands that the local currency exchanges at N411.59 to the dollar at the official market.

The naira stability was triggered by a drop in dollar demand by importers and other forex users who are going for substitutes for imported products and raw materials.

 

Glamtush reports that Nigeria’s foreign exchange reserves declined to $41.5 billion this week, a drop of around $100 million, according to the Central Bank’s 30-day moving average benchmark.

 

Trading Desk Manager, AZA, global forex dealer, Murega Mungai, said inflation also fell for a seventh consecutive month, with prices rising by 15.99 per cent in October compared to 16.63 per cent a month earlier, driven lower by falling food costs.

“With weaker dollar demand unlikely to change, we expect the Naira to remain around the N540 to dollar handle in the coming week (this week),” he said.

 

Responding to the naira position, the International Monetary Fund(IMF), welcomed steps taken toward unification of the exchange rate and stressed the need for further actions.

“The discontinuation of the official exchange rate is a step in the right direction but continued dependence on administrative measures to address forex shortages sustains uncertainties and increases the risks of a sudden and large adjustment in the exchange rate. Taking advantage of the favorable global conditions, improving current account and robust oil prices, the mission advised a move to a unified and market-clearing exchange rate without further delays,” the IMF said in its Atricle IV Evaluation report released at the weekend.

READ ALSO  Mouka Wins Africa Kaizen Category Of Large-Scale Organisation Award

It said to preserve competitiveness, any exchange rate adjustment should be accompanied by clear communications regarding exchange rate policy going forward, macroeconomic policies to contain inflation and structural policies to facilitate new investment.

 

“A further move toward a market-clearing exchange rate will also help build foreign exchange buffers through higher capital inflows. Despite the recent Special Drawing Rights allocation and a successful Eurobond issuance, gross reserves remain significantly below the IMF’s recommended adequacy levels,” it said.

The IMF said slow forex reforms and uncertainties regarding the ability to repatriate foreign funds have discouraged new capital inflows.

“With an external position that is assessed to be weaker than implied by Nigeria’s economic fundamentals and desired policies, a narrow export base, and limited capital inflows, the mission recommended preserving foreign exchange reserves through sustainable policies. The mission assessed Nigeria’s capacity to repay the outstanding credit from the 2020 Rapid Financing Instrument (RFI) to be adequate,” it said.

The Fund said Nigeria’s economy is recovering from a historic downturn. “Helped by government policy support, rebounding oil prices and international financial aid, Nigeria exited the recession in 2020 fourth quarter, earlier than expected. Output rose by 5.4 per cent (y-o-y) in the second quarter, mainly reflecting base effects from transport and trade sectors and continued strong growth in the IT sector,” it said.

 

However, manufacturing and oil sectors remain weak, reflecting continued foreign exchange shortages, and security and technical challenges.

Related

Related Posts

PHOTO NEWS: Standard Chartered Bank’s ED Visits Wema Bank
Business & Brands

PHOTO NEWS: Standard Chartered Bank’s ED Visits Wema Bank

February 8, 2023
Sterling Bank Fee Transfers
Business & Brands

Sterling Bank States True Position On ICPC’s Allegaton On Abuja Regional Office 

February 8, 2023
Sterling Bank Fee Transfers
Business & Brands

Sterling Bank Gifts Free Transfers To All Customers

February 7, 2023
FIRS
Business & Brands

Tax Harmonisation: FIRS Signs MoU With LIRS For Joint Tax Operations And Audit

February 7, 2023
AI
Business & Brands

Bard: An Important Next Step On Our AI Journey

February 7, 2023
Dollar To Naira Exchange Rate
Business & Brands

Black Market Dollar To Naira Exchange Rate Today 7th February 2023

February 7, 2023
Next Post
Antwain Fowler

Viral Video Star Kid Antwain Fowler Is Dead

E-Magazine Covers

GTCO Fashion Weekend
Lace Styles
PHOTO NEWS: Standard Chartered Bank’s ED Visits Wema Bank

PHOTO NEWS: Standard Chartered Bank’s ED Visits Wema Bank

February 8, 2023
Senator Nwaoboshi

JUST IN: Senator Nwaoboshi Rearrested, Jailed Over N805m Scam

February 8, 2023
Sterling Bank Fee Transfers

Sterling Bank States True Position On ICPC’s Allegaton On Abuja Regional Office 

February 8, 2023
Buhari, Emefiele Meet At Aso Rock Villa

Buhari, Emefiele Meet At Aso Rock Villa

February 8, 2023
New Naira Notes

IMF Advises CBN To Extend February 10 Deadline For Old Naira Notes Swap

February 8, 2023
Appointment Of MC Oluomo

We Have To Work With MC Oluomo-led Parks Committee To Distribute Election Materials – INEC

February 8, 2023
Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

Osimhen Breaks Ronaldo’s Record To Become Serie A Jump King

February 8, 2023
2023 UTME

Infractions: 817 Candidates To Re-Register For 2023 UTME

February 8, 2023
Tinubu Campaign

Kanuri: Tinubu Campaign Suffers Huge Setback As North Withdraws Support For Shettima

February 8, 2023
Old Naira Notes

BREAKING: Supreme Court Stops CBN From Implementing Deadline For Old Naira Notes Validity

February 8, 2023

Glamtush is a fashion, beauty and lifestyle online magazine. We bring to you latest trends in fashion, beauty and lifestyle as well as those making the fashion world interesting and adorable.

  • About Us
  • Advertise
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
    • Education
    • Health
    • Metro/Crime
    • Nigeria News
    • Photo News
    • World News
  • Politics
  • Business & Brands
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • Telemundo
    • Telenovelas
  • Sports
  • Fashion
    • Accessories
    • Celeb Style
    • Designers
    • Lookbook
    • Style Crush
    • Trends
    • Who Wore It Better
  • Features
    • Dear Angie
    • Interviews
    • Opinions
  • Beauty
    • Hair
    • Skin
    • Nails
  • Lifestyle
    • Career
    • Food & Drinks
    • Fitness
    • Travels
    • Weddings
  • Events
  • Relationship

© 2022 Glamtush