Munich Shooter Had No Islamist Ties- Police
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IS Attack on Afghan Protest Kills at Least 61, Wounds 207
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Naira rises to 307/dollar at interbank market
The naira rose slightly against the dollar at the interbank market to 307 on Friday, up from 310 it closed on Thursday.
The naira had hit had a record low of 330 per dollar at the regular interbank trading on Friday, falling 9.5 per cent as traders tested lower levels seeking to attract liquidity in the absence of the Central Bank of Nigeria interventions.
The naira slipped to 298.50 per dollar on thin volumes at market open and extended losses to trade a total volume of $26.97m by 1203 GMT, Reuters reported.
On Thursday, the naira crossed 300 for the first time and hit 330.50 in off-market trades.
Traders were expecting the CBN to intervene to ease dollar shortages, which did not materialise.
According to traders, the CBN has not intervened for most of this week. Instead it was mopping up naira liquidity to support the currency.
“We are looking at what will be a comfortable rate for sellers to come back to the market,” one trader said, referring to foreign players.
“Most banks are quoting around 300 levels but liquidity is still thin. The central bank hasn’t participated this week,” he said.
The CBN ditched its 16-month-old peg of N197 to the dollar last month. But the lack of liquidity has curbed activity, leaving the CBN as the main supplier of dollars.
Source: Thenigeriablogger
Source: Thenigeriablogger
Friday, 22 July 2016
Former EFCC Boss, Nuhu Ribadu Jumps Ship, Dumps PDP For APC
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Arsenal agree deal to sign Rob Holding
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SAD NEWS:11 Burnt To Death in Lagos Ghastly Motor Accident (Graphic Photos)
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Buhari Nominates New Supreme Court Justices
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Wednesday, 20 July 2016
Ted Cruz Tried to Steal Donald Trump’s Show. Chaos Erupted.
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Transgender student accuses school of 'stigmatizing' treatment
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Secret Service Investigating Trump Adviser for Alleged Clinton Threat
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Microsoft delivers earnings surprise, stock rises
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