cent value decline within the first half of the year, had sold at N197.71 to the dollar on Monday after the Central Bank of Nigeria (CBN)announced plans to sell foreign exchange to bureau de change operators at N196.95 to the dollar during the course of the week. The naira’s four day performance was second to the Tanzanian shilling which lost 1.64 per cent in the course of the week selling at 2137.50 to the dollar from 2105 which it began the week with. It had however gained on Wednesday selling at N197.32 to the dollar. The value of the local currency had plummeted to N206 to the dollar, the lowest so far this year. Meanwhile, the external reserves had declined by 0.69 per cent from $29.59 billion at the end of last month to $29.34 billion as at Friday, June 5 according to the latest data given by the CBN. Meanwhile JP Morgan in a statement at the weekend said the country’s status in GBI-EM index series was to be finalised in coming months no later than end of 2015. “During this extension period, the key focus will be on consistency and observing a reliable record of liquidity, transparency and minimal hurdles for investors to transact in the Nigerian FX market,” the statement said. The extension according to JP Morgan took into account time needed to assess factors such as new administration under President Muhammadu Buhari, who took office on May 29.
Monday, June 08, 2015
Naira Strengthens As JP Morgan Finalises Nigeria’s Status Soon
cent value decline within the first half of the year, had sold at N197.71 to the dollar on Monday after the Central Bank of Nigeria (CBN)announced plans to sell foreign exchange to bureau de change operators at N196.95 to the dollar during the course of the week. The naira’s four day performance was second to the Tanzanian shilling which lost 1.64 per cent in the course of the week selling at 2137.50 to the dollar from 2105 which it began the week with. It had however gained on Wednesday selling at N197.32 to the dollar. The value of the local currency had plummeted to N206 to the dollar, the lowest so far this year. Meanwhile, the external reserves had declined by 0.69 per cent from $29.59 billion at the end of last month to $29.34 billion as at Friday, June 5 according to the latest data given by the CBN. Meanwhile JP Morgan in a statement at the weekend said the country’s status in GBI-EM index series was to be finalised in coming months no later than end of 2015. “During this extension period, the key focus will be on consistency and observing a reliable record of liquidity, transparency and minimal hurdles for investors to transact in the Nigerian FX market,” the statement said. The extension according to JP Morgan took into account time needed to assess factors such as new administration under President Muhammadu Buhari, who took office on May 29.
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