May

BANK ATM RATES SKYROCKET

Banks have adjusted their international ATM rates upwards in line with the forex scarcity in the parallel markets.

No reasons have been given by any bank for the upward review at this stage.

Please see ATM rates table for revised rates…………………..18/05/2016

 

NAIRA NOW IN BIDDING WAR AGAINST ALL MAJOR CURRENCIES – abokiFX ………………… 13/05/2016

AbokiFX believes speculators have moved rapidly into the parallel market and have sparked off a bidding war with the Naira.

We did say we expected an imminent devaluation of the Naira in the first half of 2016.   see link: http://abokifx.com/2015-2/

 

CBN has fought bravely defending the Naira but the rapid depletion of the Foreign reserve in April and early May has been a
major setback in the forex policy.

Speculators are now fully in control of the parallel market. Expect to see wide spreads in daily quotes for the rest of May.

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MAY UPDATE – 2016 ………………………………………………..15/05/16

NAIRA TO DEPRECIATE AGAINST ALL MAJOR CURRENCIES IN MAY
TARGET PRICE RANGE: N320 : $1 AND N470 : £1 AND N360 : €1