2015


NAIRA DEVALUATION IS IMMINENT IN H1 2016       …………………………………………………………………….26/12/15

 

 

 

DECEMBER UPDATE
EXPECT NAIRA TO APPRECIATE AGAINST DOLLAR AND POUNDS
TARGET PRICE RANGE:   N230: $1    AND    N350 / £1      AND      N245 / 1 EURO

The excessive demand for all three core forex will subside as inflows from individuals and families from abroad start to flood the market. This will create excess supply of forex with HIGHER DEMAND for the Naira.

CBN will maintain a stable Foreign reserve account in December hence, will be able to defend the Naira this month more aggressively. No major government expenditure is planned for December so less pressure on Forex demand.

Also, BVN issues encountered in November will subside this month and it should all be business as usual.

Unless the Dollar / Pound / Euro gain excessively in the international markets, rates should be in the range predicted above for the month of December……………………..05/12/15

 

 

NOVEMBER UPDATE
EXEPECT DOLLAR AND POUNDS TO APPRECIATE AGAINST THE NAIRA.
FGN releases $2bn dollars to marketers. This will drive the an increase in demand for the US dollar and GBP in the black market so expect dollar to push past N230:1 and pound to touch N360:1 in Novemeber.

There is a second driver, which is the final shopping before the Christmas month. Traders will demand more forex to bring in goods against Christmas and this will also drive the rates up in the month of November………………05/11/15

 

CBN intervention fund currently in the market are keeping rates steady. Lets see how the dollar and the pound perform next week in international markets………………………14/08/15

 

Rates are expected to to stay fairly stable hovering between N335 to N350 to $1 because of CBNs intervention. CBN now supplies BDCs additional $30k dollars a week which means BDCs get $60k a week now. If this can be sustained till month end, then Naira should strengthen some more…………………………….11/10/15

 

Expect further pressure on the Naira as we approach the summer holidays and consumers demand more Dollars and Pounds. GBP likely to touch NGN 370 by August. with Dollar to hit NGN 250 ………………………………………………………………………………………………………………….  04/07/15

Positive UK Elections Push up the Pound Sterling in the Global market……………………….  08/05/15
Aboki says to expect ripple effect on the naira exchange rate…………………………………….   08/05/15

Pound and Dollar scarcity hit the market as GBP gains in the international market……..  22/04/15

 

Market very quiet and static. Not much buying and selling anymore till after Saturday’s election.

 

CBN sells dollar at N198 to $1. This means black market rate will be constant at N220 to $1 till after the elections.