Posts

Central bank sustains supply of forex into market with $255m – Today

Ahead of the outcome of the ongoing Monetary Policy Committee meeting in Abuja, the Central Bank of Nigeria (CBN) on Monday again injected over $255 million into the foreign exchange market.

A breakdown of what market watchers termed as another massive intervention indicated that the sum of $100 million was released for the wholesale segment of the market for both spots and forwards.

Also, Basic Travel Allowance (BTA), which comes under invisibles segment, garnered $50 million while the Small and Medium Scale Enterprises (SME) segment got $55 million.

Meanwhile, the exchange rate convergence expectation of the CBN is fast being attained with the Naira exchange rate hovering between N375 and N380 to the Dollar.

The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor told reporters in Abuja that the Investors and Exporters segment of the market had so far recorded a trade volume in the sum of $1.1 billion from both the CBN and autonomous windows which according to him, was an indication of the appreciable level of confidence in the foreign exchange management by foreign investors and autonomous suppliers of foreign exchange to the market.

Nigeria central bank seeks to ease naira pressure with $100 mln auction – Reuters

By Oludare Mayowa

LAGOS May 22 (Reuters) – Nigeria’s central bank plans to sell $100 million at a special wholesale spot and forwards auction on Monday as it tries to improve dollar liquidity and ease pressure on the naira.

Africa’s largest economy, grappling with a currency crisis brought on by low oil prices which have hammered its foreign reserves and created chronic dollar shortages, has resorted to regular injections of dollars by the central bank to narrow the spread between the official and black market rates.

It has sold more than $4 billion to various sectors of the economy since the central bank started intervening on the official market in February, which currency traders say has increased liquidity in the official market and helped to ease pressure on the naira.

Traders, citing a notice from the regulator, said the currency forwards being auctioned on Monday would be settled within 60-days and backed by customer demand.

The naira was quoted at 381.91 per dollar at the investor window on Monday, according to the market regulator FMDQ OTC Securities Exchange.

It was quoted at 315 a dollar on the official interbank market by commercial lenders, while it trading at 380 a dollar on the black market.

The naira has firmed on the black market from its record low of 520 to the dollar in February, before the central bank’s intervention in the foreign exchange market. (Editing by Alexis Akwagyiram and Alexander Smith)

 

Cost of Funds Drops on Improved Naira Liquidity – Thisday

BY Obinna Chima

The overnight lending rate dropped to 26 per cent on Friday, from 65 per cent a day earlier after the Central Bank of Nigeria (CBN) refunded excess naira offered in an earlier dollar sale to commercial lenders, injecting liquidity back into the money market.

Traders said that a cash squeeze on the money markets on Thursday after lenders provided naira to participate in a central bank currency intervention had pushed the overnight rate sharply higher.

The banking system’s cash balance with the central bank stood at N24.61 billion early on Friday before the central bank refund, Reuters disclosed.

“We see rates easing further next week. We anticipate about N200 billion would be disbursed to government,” one currency trader said.

The central bank sells hard currency regularly on the interbank market to boost dollar liquidity but in turn mop-up the naira. If it does not take up all offers, the excess naira is returned to lenders.

In   the   just   concluded   week,   CBN   auctioned treasury bills via primary market, viz: 91-day bills worth  N32.436  billion, as Stop  Rate (SR),  fell  to 13.50 per cent from   13.598 per cent; 182-day   bills   worth N22.824   billion, SR   fell   to   17.149 per cent  from 17.40 per cent; and 364-day bills worth N55.683 billion as SR  fell  to  18.70 per cent  from  18.98 per cent, which  was more than offset by matured treasury bills worth N122.51  billion.

According to Cowry Asset Management Limited, a breakdown of the matured treasury bills showed 91-day bills  worth  N32.436 billion,  182-day  bills  worth  N34.39  billion  and 364-day  bills worth  N55.683  billion.

“However, interbank rates increased across all the tenor buckets amid sustained liquidity squeeze, in line with our expectation. This week, 282-day treasury bills worth N7 billion will mature. Hence, we expect slight improvement in financial system liquidity and resultant moderation in interbank rates,” Cowry Asset added.

Forex Market  

Last week, the naira appreciated week-on-week at the Bureau De Change (BDC) and parallel market  segments by  2.60 per cent and 2.31 per cent   to   close   at N375/$ and N381/$ respectively. Meanwhile, the Cowry Asset Management Limited disclosed in a report that weekly   movements   in   most   dated   forward contracts    at    the    interbank    OTC    segment suggested future appreciation of the naira viz-a-viz the US greenback despite decrease in the foreign exchange reserves.

The external reserves decreased week-on-week by 0.60 per cent to $30.723 billion as at Wednesday, 17 May 2017. But the one-month, three-month, six-month and 12-month forward  contracts  appreciated  week-on-week  by  0.11 per cent,  0.11 per cent,  0.11 per cent  and  0.12 per cent to  N319.69/$, N327.76/$,  N336.24/$ and  N353.70/$  respectively.

Furthermore, the spot rate appreciated by 0.05 per cent to N305.45/$ amid the $7.5 million in intervention sales by the Central Bank of Nigeria (CBN) to banks.

In  the  current  week,  we  expect  further  stability  in  the  foreign  exchange  market  with  possible  appreciation against the dollar subject to CBN’s level of intervention

 

Bond Market

In the  bond  market,  FGN  bonds  traded  at  the OTC    segment    depreciated    across    all    the  maturities  amid  sell  pressure,  in  line  with  analysts’ expectation.

In fact, the 20-year,  10.00%  FGN  JULY 2030  debt,  the  10-year 16.39 per cent FGN  JAN  2022 debt  and the  7-year  16.00%  FGN  JUN  2019 debt  depreciated  by  N0.16,  N0.46  and  N0.25 respectively;  just as their  corresponding  yields  rose  to 16.08% (from  16.04%),  16.23%  (from  16.09%) and    16.48%    (from    16.33%)    respectively.

Elsewhere,   FGN   Eurobonds   traded   on   the London   Stock   Exchange   increased   in   value across most of the maturities amid bargain hunting. The 10-year, 6.75% JAN 28, 2021 bond and the 10-year, 6.38%  JUL  12,  2023  bond  appreciated  by  $0.14 (yield  fell  to  4.908%)  and  $0.20  (yield  fell  to  5.80%) respectively.

This week, analysts anticipate resumed bargain hunting in the OTC market on the back of expected boost in financial system liquidity.

April Inflation

For three consecutive months, the Consumer Price Index (CPI), which measures inflation rate continued to decline, figures released by the National Bureau of Statistics (NBS) have indicated. The NBS said the CPI or inflation rate dropped to 17.24 per cent (year-on-year) in April, declining by 0.02 per cent from the figures recorded in March, 2017. The rate had dropped from 17.78 per cent in February to 17.26 in March, having stood at 18.72 per cent in January

“This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in already high food and non-food prices, as well as favourable base effects over 2016 prices.

“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index. The top items to have recorded the highest year- on-year increases across all the divisions were solid fuels, bread and cereals, meat, liquid fuels, clothing materials, other articles of clothing and clothing accessories, and fish,” the statistical agency said in its inflation report for April, 2017.

However, on a month-on-month basis, the headline index increased by 1.60 per cent in April 2017, a 0.12 per cent points lower than the rate recorded in March (1.72 per cent).

The NBS figures indicated that the highest price increases were recorded more in the food items segment such as coffee, tea and cocoa, potato, yam and tubers, bread and cereals, milk cheese and eggs as well and meat and fish. The data showed that the rate for food year-on-year was 18.44 per cent in March and 19.30 per cent in April.

FG’s February Revenue

Nigeria’s gross federally-collected revenue rose by 20.4 per cent in February 2017 to N545.05 billion, as against the N433.86 billion recorded in January 2017, the CBN’s economic report for February 2017 showed. The increase relative to the preceding month level was attributed to the rise in receipts from both oil and non-oil components.

But, the revenue receipt recorded in February, fell short of the 2017 provisional monthly budget estimate of N792.71 billion by 31.2 per cent, according to the report. Gross oil receipts, at N292.82 billion or 53.7 per cent of total revenue, fell below the provisional monthly budget estimate by 0.6 per cent. But, it was 37.9 per cent higher than the receipts in January 2017. The increase in oil revenue relative to the preceding month reflected the significant rise in receipts from domestic crude oil/gas sales and PPT/Royalties. According to the report, at N252.24 billion or 46.3 per cent of the total revenue, gross non-oil revenue was below the 2017 provisional monthly budget estimate of N498.14 billion by 49.4 per cent. It, however, exceeded the receipts in January 2017 by 4.9 per cent. The poor performance relative to the provisional budget reflected the shortfall in most of the components due to the low economic activities in the country during the review period.

 

Items Valid for Forex

Following misconceptions and enquiries across the market about items valid for accessing foreign exchange from the interbank market, the CBN last week listed the eligible items that are valid.

The CBN, in a circular signed by its Director, Trade and Exchange Department, W.D. Gotring, a copy of which was posted on its website, listed 35 set of items valid for forex, and urged authorised dealers to ensure compliance. The misconception was triggered by a recent central bank circular.

According to the latest circular, the items included animal or vegetable fats and oil fractions, hydrogenated (not including palm oil/Olein and margarine,); prepared glues and adhesive based on polymers of headings 39.01 to 39.13 or on rubber; other plates, sheets, film, foil and strip of polymers of ethylene printed (only for pharmaceutical manufacturing); and bobbins, spools, cops and similar supports of paperboard …..of kind used for winding textile yarn.

Some others listed were uncoated Kraft paper and board in rolls; synthetic filament yarn, textured yarn of nylon or other polyamides measuring per single yarn more than 50 text; woven fabrics of synthetic filament yarn, including woven fabrics obtained from material…polypropylene fabrics of the type used as carpet backing; laboratory – hygienic or pharmaceutical glassware; and other articles of plastics and articles of other matter (only for pharmaceutical manufacturing).

Naira climbs to a 3-month high against dollar – Daily Post

Naira cruised strongly into the weekend, exchanging at N380/$1 in the parallel market.

This is ahead of Monday’s Central Bank of Nigeria (CBN) led Monetary Policy Committee (MPC) meeting in Abuja.

At this third meeting in 2017, experts expect the MPC committee members to keep interest rate unchanged at 14 per cent; hold on Cash Reserve Ratio at 22.5 per cent and retain of Liquidity Ratio at 30 per cent.

The meeting is also expected to help the MPC review major developments in the global and domestic space, and consider way forward for the local economy.

The local currency was exchanging at N385/$1 on Thursday and Friday.

Last week, at the official foreign exchange market, the CBN conducted its weekly Secondary Market Intervention Sales (SMIS) auction.

CBN spokesperson, Isaac Okorafor, disclosed that both the spot and forwards segments garnered $267.3 million, while the wholesale segment got $100 million.

Okorafor said the Small and Medium Enterprises, SMEs, and invisibles segments comprising basic travel allowance, tuition fee and medical got $50 million and $40 million respectively.

As a result, rates at the interbank market appreciated from N304.60/$1 at the start of the week to settle at N304.45/$1 on Friday.

CBN makes N3.3 billion from banks’ borrowing – Guardian

• Guarantees N527.6m for farmers in agric scheme

For frequent borrowing from the Central Bank of Nigeria (CBN) by commercial banks, the regulator recorded N3.29 billion as interest income in February 2017.

Although some of the lenders kept their excess cash at CBN’s Standing Deposit Facility (SDF) within the period under review, others, including merchant banks continued to access the Standing Lending Facility (SLF).

By the subsisting decision of the Monetary Policy Committee, applicable rates for SLF and SDF remained at 16 per cent and nine per cent, respectively.

The huge patronage by banks was to make up their positions, either borrowing from the CBN or depositing excess reserves at the end of each business day, especially for some that were hit hard by persistent liquidity mop up, payment for dollar, treasury bills and bonds’ auctions.

An analysis of the apex bank’s February Economic Report, showed that the there was more patronage of the SLF facility than the SDF window, an indication that the banks were cash-trapped.

Total request for SLF, including Intra­day Lending Facility (ILF) that were converted to Overnight instrument, made up of N696.31 billion direct SLF and N3.57 trillion ILF, amounted to N4.26 trillion, with a daily average of N224.57 billion.

Therefore, CBN earned N3.29 billion in interest income, representing an increase when compared with SLF of N3.38 trillion and interest income of N2.7 billion in January 2017.

Total SDF granted during the review period was N742.62 billion, with a daily average of N39.1 billion, compared with N1.85 trillion in January 2017.

On the other hand, the interest payment to banks on SDF in February 2017 was N218.39 million, compared with N633.32 billion in January 2017.

Similarly, the persistent liquidity mop up exercise by the apex bank resulted to increased lending rates among banks.

During the period, at the inter­bank call segment, the weighted average rate, which stood at 8.15 per cent in the preceding month, rose significantly by 19.31 percentage points to 27.46 per cent.

Also, the weighted average rate at the Open Buy Back (OBB) segment increased from 8.69 per cent in the preceding month to 23.60 per cent.

Meanwhile, a total of N527.6 million was guaranteed to 3,324 farmers by CBN under its Agricultural Credit Guarantee Scheme (ACGS) in February 2017.

This amount represented 12.6 and 14.3 per cent decline below the levels in the preceding month and the corresponding period of 2016, respectively.

A sub-sectoral analysis showed that food crops got the largest share of N330.3 million (62.6 per cent) guaranteed to 2,309 beneficiaries.

The mixed crops sub-sector received N25.7 million (4.9 per cent) guaranteed to 164 beneficiaries; livestock, N72 million (13.7 per cent) guaranteed to 314 beneficiaries; and cash crops, N52 million (9.9 per cent) guaranteed to 270 beneficiaries.

The fisheries sub-sector had N24.5 million (4.6 per cent) guaranteed to 89 farmers, while others got N23.1 million (4.4 per cent) guaranteed to 178 beneficiaries.

Further analysis showed that 23 states, including the Federal Capital Territory benefited from the scheme in the review month with the highest sum of N119.4 million (22.6 per cent) guaranteed to Anambra State.

However, Kogi State received the lowest guaranteed sum of N600,000, representing 0.1105 per cent.

Nigeria: Naira Rises to N375/$ in Parallel Market – Vanguard

The naira yesterday rose to N375 per dollar in the parallel market in response to increased dollar supply and decline in demand.

Vanguard survey reveals that the parallel market exchange rate which had been stable at N385 per dollar since last week yesterday dropped to N375 per dollar, due to inflow from CBN dollar sale to bureaux de change.

Vanguard investigations also reveal decline in demand for dollars resulting into lull in market activities.

WEEKAHEAD-AFRICA-FX- Naira is seen trading within a narrow range – Reuters

NAIROBI, May 18 (Reuters) – Ghana’s cedi and Zambia’s kwacha are seen weakening in the next week to Thursday, while Kenya and Tanzania shillings are expected to hold steady, traders said.

KENYA

The shilling is seen holding steady, supported by dollar inflows from tea exporters and subdued demand from oil importers, traders said.

Commercial banks quoted the shilling at 103.20/40 to the dollar, compared with 103.40/50 at last Thursday’s close.

“This week they sold dollars into the market and they should also be there next week,” said a trader from a commercial bank referring to dollar sales from a tea exporter.

TANZANIA

The Tanzanian shilling is seen stable as importers cool their appetite for dollars due to a slowdown in business activity.

Commercial banks quoted the shilling at 2,235/2,245 to the dollar on Thursday, weaker than 2,230/2,240 a week ago.

“U.S. dollars have become a bit scarce in the market right now following a decline in supply, but there isn’t any huge demand for greenbacks … so we expect the shilling to trade in the same levels next week,” said a trader at Commercial Bank of Africa Tanzania.

UGANDA

The Ugandan shilling is seen gaining ground, helped by tight liquidity and muted dollar demand from commercial banks.

Commercial banks quoted the shilling at 3,617/3,627, stronger than last Thursday’s close of 3,632/3,642.

The central Bank of Uganda on Thursday removed over a trillion Ugandan shillings ($276.55 million) from the interbank market via a seven-day repo and two deposit auctions of longer tenors.

A trader at a leading commercial bank said the mop up combined with this week’s tax payments would “keep appetite for the dollar on the lower side.”

NIGERIA

The naira is seen trading within a narrow range on the back of central bank injection of dollars to improve liquidity and narrow the spread between official and black market rate.

It was quoted at 306.10 to the dollar on the official interbank market, from 305.60 last week.

It was quoted at 385 per dollar on the black market, firmer than 390 a dollar a week ago.

It was quoted at 382 per dollar at the investor’s window where they could trade foreign exchange at rates set by buyers and sellers, according to the market regulator FMDQ OTC Securities Exchange.

“We see naira trading within the prevailing rate as the central bank sustains its dollar sales in the coming week,” one senior currency trader said.

GHANA

Ghana’s cedi could remain under pressure mainly on surging dollar demand by foreign investors and local businesses despite weekly greenback sales by the central bank, analysts said.

The local unit had been firm through the end of April until last week when it began to weaken. It was trading at 4.2392 to the dollar by midday on Thursday compared to 4.1983 a week ago.

“A deepening of the central bank’s intervention is necessary to keep the cedi under 4.4000 in order not to trigger any form of panic-buying,” Joseph Biggles Amponsah of the Accra-based Dortis Research said.

ZAMBIA

The kwacha is likely to trade on the back foot against the U.S. dollar next week due to rising demand for hard currency from importers.

Commercial banks quoted the kwacha at 9.2700 per dollar, slightly softer than a close of 9.1750 a week earlier.

“After a good run, the kwacha is coming under some pressure from growing demand for dollars from importers. Resistance level is seen at 9.400,” one senior commercial bank trader said.

(Reporting by John Ndiso, Elias Biryabarema, Fumbuka Ng’wanakilala, Kwasi Kpodo and Oludare Mayowa; Compiled by George Obulutsa, editing by Pritha Sarkar)

Central bank releases list of items valid for Forex – Today

The Central Bank of Nigeria (CBN) on Wednesday published a list of items, for which importers can source foreign exchange (Forex) from the market.

CBN sent the list which has 36 categories, to all authorised dealers, Nigeria Customs and the public. It is endorsed by Director, Trade and Exchange, W.D Gotring.

Gorting explained that the list became necessary, following misconceptions and enquiries across market on items that are “Valid for Foreign Exchange”.

The items include animal or vegetable fats and oils fractions, hydrogenated – not including palm oil/ olein and margarine; prepared glues and adhesive based polymers of headings 39.01 to 39.13 or on rubber; other plates, sheets, film, foil, and strip of polymers of ethylene printed – only for pharmaceutical and manufacturing.

Others are bobbins, spools, cops and similar supports of paper or paperboard used for winding textile yarn; uncoated kraft paper and board, in rolls, uncoated kraft paper and board, in rolls, paper coated with kaolin (China clay), synthetic filament, artificial filament, woven fabrics of synthetic filament yarn, including woven fabrics obtained from material polypropylene fabrics, of the type used as carpet backing.

The list also includes glass in balls, rods or tubes, unworked, float glass, coloured throughout the mass opacified, flashed or merely surface ground only for pharmaceutical manufacturing, non-domestic heating/cooling equipment, non-electric water heaters among others.

The CBN had earlier denied reversing a ban on importers of 41 items, from accessing foreign exchange through the forex window.

FG’s Revenue Rises by 20.4% in February – Thisday

Obinna Chima

Nigeria’s gross federally-collected revenue rose by 20.4 per cent in February 2017 to N545.05 billion, as against the N433.86 billion recorded in January 2017, the Central Bank of Nigeria’s (CBN) economic report for February 2017 has shown.

The increase relative to the preceding month level was attributed to the rise in receipts from both oil and non-oil components.

But, the revenue receipt recorded in February, fell short of the 2017 provisional monthly budget estimate of N792.71 billion by 31.2 per cent, according to the report.

Gross oil receipts, at N292.82 billion or 53.7 per cent of total revenue, fell below the provisional monthly budget estimate by 0.6, but was 37.9 per cent higher than the receipts in January 2017. The increase in oil revenue relative to the preceding month reflected the significant rise in receipts from domestic crude oil/gas sales and PPT/Royalties.

According to the report, at N252.24 billion or 46.3 per cent of the total revenue, gross non-oil revenue was below the 2017 provisional monthly budget estimate of N498.14 billion by 49.4 per cent. It, however, exceeded the receipts in January 2017 by 4.9 per cent.

The poor performance relative to the provisional budget reflected the shortfall in most of the components due to the low economic activities in the country during the review period. The estimated federal government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48 billion and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively.

Of the total receipt, federation account accounted for 68.5 per cent, while Exchange Gain, FGN Independent Revenue, VAT, Excess Crude, and NNPC refund accounted for 11.6, 6.5, 5.4, 4.7, and 3.3 per cent, respectively.

Similarly, the estimated total expenditure of the federal government, at N599.30 billion, exceeded both the 2017 provisional monthly budget estimate of N522.64 billion and January 2017 level of N552.74 billion by 14.7 and 8.4 per cent, respectively.

Recurrent and capital expenditure, accounted for 64.9, and 30.5 per cent, respectively, while transfers accounted for the balance of 4.6 per cent of the total expenditure.

A breakdown of the recurrent expenditure showed that non- debt obligation was 79.3 per cent of the total, while debt service payments accounted for the balance of 20.7 per cent.

“Increased domestic crude oil production recorded in the last two months continued in the review month as government and other stakeholders sustained effort at curtailing vandalism in the Niger-Delta region.

Consequently, Nigeria’s crude oil production, including condensates and natural gas liquids stood at an average of 1.65 mbd or 46.2 million barrels in February 2017.

“This represented an increase of 0.08 mbd or 5.10 per cent over the average of 1.57 mbd or 48.67 million barrels (mb) recorded in January 2017.

Crude oil export was estimated at 1.20 mbd or 33.60 mb, representing an increase of 7.14 per cent, compared with 1.12 mbd or 34.72 mb recorded in the preceding month.

Allocation of crude oil for domestic consumption remained at 0.45 mbdor 12.60 mb during the review period,” it added.

Furthermore, the report showed that the external sector marginally strengthened in February 2017 following the increase in domestic oil production and international crude oil prices as well as improved inflow through autonomous sources.

Increase in crude oil prices followed the deal reached by the Organisation of Petroleum Exporting Countries (OPEC) members to cut production. However, foreign exchange supply shortages continued to constrain import of raw materials which suppressed domestic production. Consequently, non-oil export receipts declined in the review period.

Also, Foreign exchange inflow through the CBN, at US$2.37 billion, fell by 8.9 per cent, relative to the level in the preceding month, but was 94.4 per cent above the level in the corresponding period of 2016.

The development reflected the significant decline in non-oil receipts due to lack of interbank swap transactions and fall in Treasury Single Account and third party receipts during the review month.

On the other hand, aggregate outflow through the CBN, at US$0.98 billion, declined by 7.3 per cent and 4.6 per cent below the levels in the preceding month and the corresponding period of 2016, respectively.

The development was attributed to the decline in drawings on Letters of Credits (L/Cs), external debt service, foreign exchange special payment (NSA), other official payments and 3rd party MDA transfers.

Overall, a net inflow of US$1.40 billion was recorded, compared with US$1.55 and US$0.20 in January 2017 and the corresponding period of 2016, respectively.

“Total non-oil export earnings, at US$0.31 billion, fell by 7.0 per cent, below the level in January 2017.

This resulted from the 50.0 per cent, 41.6 per cent, 36.4 per cent and 32.3 per cent decline in receipts from transport, food products, agricultural and industrial subsectors, respectively.

The manufactured product and minerals sub-sector, however, grew by 209.8 per cent and 5.0 per cent, respectively, above the levels in the preceding month to US$60.28 million and US$135.13 million,” it added.

In 24hrs, CBN pumps nearly half a billion dollars into FX market – The Cable

In less than 24 hours, the Central Bank of Nigeria (CBN) on Monday injected $457.3 million into various segments of the market.

Isaac Okorafor, CBN spokesperson, in a statement in Abuja, said that both the spot and forwards segments garnered $267.3 million while the wholesale segment got $100 million.

Okorafor said the small and medium enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got $50 million and $40 million respectively.

Meanwhile, the NAN checks on the volume of trading on the investors and exporters foreign exchange window in the past three weeks on the FMDQ platform revealed that $600 million had been sold by both the CBN and autonomous sources.

Okorafor expressed satisfaction with the level of activities in the market.

He said that the volume of activities being recorded in the investors and exporters forex segment was indicative of the fact that investors were attracted to the Nigerian financial market and the economy in general.

NAN checks also revealed that the naira closed at N383 to a dollar at the parallel market.