Naira stabilizes At The Parallel Market

The Naira on Monday at the parallel market, exchanged at N367 to a dollar.

The Nigerian currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively.

Trading at the Bureau De Change saw the Naira closing at N363 to the dollar, while the Pound Sterling and the Euro traded at N478 and N433, respectively.

The Naira appreciated at the investors’ window closing at N359.58, stronger than N361.13, its opening rate.

Meanwhile, the CBN has repaid around N95.7bn in matured treasury bills to boost liquidity.

By Wale Odunsi

CBN Injects $250m Into The FOREX Market

The Central Bank of Nigeria (CBN) on Monday injected the sum of $250m in the Inter-Bank Foreign exchange market.

In a statement by the Acting Director, Corporate Communications Department of the CBN, Isaac Okorafor, the apex bank said it sold $100m and uplifted the Small and Medium Enterprises (SMEs) and invisible segments, with $85m and $65m respectively.

Okorafor further said the apex bank would “pump even more liquidity into the market in the coming days.”

He noted that the move by the CBN was necessary to enhance stability in the foreign exchange market.

“In a bid to improve liquidity and ameliorate challenges encountered by critical stakeholders at this time of the year, the bank has ensured that pressures on the market from those seeking Forex for school fees and vacations are eased,” he said.

He added that the bank had kept faith with its resolve to ensure that there is sustained liquidity to meet genuine requests for foreign exchange.

By Chijioke Jannah

Nigeria's Inflation Drops For The Sixth Consecutive Time To 16.5 %

The National Bureau of Statistics has released the Consumer Price Index which measures inflation, with the index dropping marginally from 16.1 per cent in June to 16.05 per cent in the month of July.

The Bureau in the report on Monday, said this is the sixth consecutive time that the index would be dropping since January this year.

It reads in part,” The inflation report for July 2017 reveals that headline inflation has again reduced to 16.05 per cent (year-on-year) in July 2017, compared to 16.10 percent in June 2016.

“This makes it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

“On a month-on-month basis, the headline index increased by 1.21 per cent in July, 2017, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June.”

By Don Silas