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Pound Hits 2-week Low Against Euro

Pound Hits 2-week Low Against Euro

The Pound Sterling sank to a two-week low against the euro on Tuesday, hit by the single currency’s renewed strength as relieved investors turned optimistic on Europe after the first round of the French presidential election. The pound weakened to as much as 85.27 pence per euro after a Reuters report that European Central Bank […]

Dollar Wins Against Loonie On Tariff Announcement, Yen Sinks

Dollar Wins Against Loonie On Tariff Announcement, Yen Sinks

The U.S. dollar surged to its highest level against its Canadian counterpart in more than a year on Tuesday after the United States imposed duties on Canadian softwood, while the dollar hit a two-week high against the yen on greater risk appetite. The greenback hit C$1.3615, its highest level against the loonie since late Feb. […]

Nigeria’s Government Revenues Rise In March

Nigeria’s distributable government revenues rose to 467.81 billion naira ($1.53 billion) in March from 429 billion naira in February due to higher royalties from oil production, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. […]

CBN Sells $25m For Investment, Exports At New Forex Window

CBN Sells $25m For Investment, Exports At New Forex Window

The Central Bank of Nigeria sold $25 million on Tuesday in its first day of offering foreign exchange to investors and exporters, it said in a statement. The central bank also sold $96.37 million in currency forwards at an auction, it said, part of its effort to narrow the spread between official and black market […]

Naira Devaluation Puts Pressure On Costs, Says Nigerian Breweries

Naira Devaluation Puts Pressure On Costs, Says Nigerian Breweries

The Nigerian Breweries Plc said the devaluation of the naira and the nation’s inflation rate are putting pressure on its input costs amid decline in consumers’ purchasing power. The company’s Managing Director/Chief Executive Officer, Mr. Nicolaas Vervelde, who stated this on Tuesday at a media briefing in Lagos, however, described the Nigerian market’s fundamentals as […]

European Central Bank Set To Change Tone On Economy

European Central Bank Set To Change Tone On Economy

While this weeks meeting might see slight changes in tone, the majority of economist expects the ECB to leave monetary policy unchanged. At this week’s European Central Bank meeting, it is all about slight changes in tone when it comes to their assessment of economic activity. With the French presidential run-off scheduled for May 7, there appears […]

Jump In Stock Price Seen As Endorsement For New Forex Window

The jump in equities at the Lagos Stock Exchange in the last two days is being seen as an initial endorsement of the new foreign exchange window created by the Central Bank of Nigeria (CBN) although patience will be needed to allow the market to build its own momentum, Bloomberg reports traders as saying. Last […]

FG, States, Local Govts Shared N466.93bn In March – FAAC

FG, States, Local Govts Shared N466.93bn In March – FAAC

The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93bn to the three tiers of government in March 2017 from the revenue generated in February 2017, the National Bureau of Statistics (NBS) said on Tuesday. According to the NBS report released in Abuja, the amount disbursed comprised of N290.16bn from the Statutory Account; N40.33bn […]

Nigeria’s Recession To End Q3 2017- Emefiele

Nigeria’s Recession To End Q3 2017- Emefiele

Nigeria will be out of economic recession by the end of the third quarter of 2017, Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has declared. This comes as he revealed that the nation’s foreign reserve stands at over $31billion. The apex bank boss who spoke with journalists after a closed door session with the leadership […]

Nigeria Records 10% Fall In Remittances Amid Pressure To Raise Forex Inflows

The decline in remittances, when valued in U.S. dollars, was worsened by a weaker euro, British pound and Russian ruble against the U.S. dollar. At a time when Nigeria is struggling to attract foreign exchange inflows to particularly to boost liquidity, reduce pressure on the naira and improve the economy, the country is also seeing […]

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