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CBN Improved Forex Supply Raises Optimism About Nigeria’s Outlook

CBN Improved Forex Supply Raises Optimism About Nigeria’s Outlook

The improved foreign exchange (Forex) supply by the Central Bank of Nigeria (CBN) through stepped-up special intervention auctions, has given rise to greater optimism over the likely trajectory of FX policy, as well as the inflation outlook in Nigeria, a report has stated. Standard Chartered Bank in a report titled: “Nigeria – A checklist for […]

Naira Again Strengthens Against Dollar, Sells 420, 430 per Dollar

Naira Again Strengthens Against Dollar, Sells 420, 430 per Dollar

The Naira has continued to appreciate against the dollar at the parallel market. The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively. Trading on the floor of the Bureau De Change (BDC) showed that the Naira […]

Why The Dollar Is Forecast To Rise Again

Why The Dollar Is Forecast To Rise Again

The U.S. Dollar is presently suffering something of a soft patch. Investors have been surprised by the currency’s performance since the Federal Reserve announced an interest rate rise in mid-March. Of course the reason for the underperformance is that investors are selling the Dollar as an expression of disappointment after the Fed suggested markets should only expect two further […]

Emefiele Hopeful Of Forex Rate Convergence As CBN Retains Key Rates

Emefiele Hopeful Of Forex Rate Convergence As CBN Retains Key Rates

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), said on Tuesday that he is optimistic that exchange rates at the interbank and parallel windows would soon converge following the apex bank’s latest stance to provide liquidity in the market, stabilize the naira and punish those taking bait on the local currency. Emefiele’s confidence is […]

FG, States Owe $11.41bn To Foreign Creditors

FG, States Owe $11.41bn To Foreign Creditors

The Federal Government of Nigeria, the 36 state governments, and the Federal Capital Territory Administration currently owe foreign creditors a total of $11.41bn, the Debt Management Office said. Statistics obtained from the DMO on Monday showed that while the Federal Government’s foreign debt stood at $7.84bn as of December 31, 2016, the 36 states of […]

Pound Rallies As U.K. Inflation Breaks Central Bank Target

Pound Rallies As U.K. Inflation Breaks Central Bank Target

U.K. Inflation Breaks Through BOE Target at 2.3% The pound rose to the highest in three weeks and gilts fell as U.K. inflation accelerated more than forecast to break through the Bank of England’s target for the first time since 2013. The data showing annual inflation picked up to 2.3 percent in February, versus a median estimate […]

Naira Continues To Strengthen Against Dollar

Naira Continues To Strengthen Against Dollar

The Naira has continued to appreciate against the dollar at the parallel market. The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively. Trading on the floor of the Bureau De Change (BDC) showed that the Naira […]

Naira To Sell At N415 Per Dollar

Naira To Sell At N415 Per Dollar

The Association of Bureau De Change Operators of Nigeria, ABCON, has said the naira would eventually trade at N415 to a dollar as the series of intervention by the Central Bank of Nigeria, CBN, are sustained. Aminu Gwadabe, president of ABCON, speaking with the News Agency of Nigeria in Lagos on Tuesday, said that the […]

Forex: CBN Will Sustain Market Intervention – Emefiele

Forex: CBN Will Sustain Market Intervention – Emefiele

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), says the apex bank is determined to see the convergence of rates at the foreign exchange market. Mr. Emefiele said this while fielding questions from journalists at the end of the Monetary Policy Committee (MPC) meeting of the CBN in Abuja on Tuesday. The CBN […]

CBN Weakens Naira In Attempt To Close Black Market Spread

CBN Weakens Naira In Attempt To Close Black Market Spread

The Central Bank of Nigeria has weakened the naira by 0.6 percent in the last two weeks through dollar interventions on the official market aimed at narrowing the spread with the black market, traders said on Tuesday. The naira was trading at 307.50 on the interbank market on Tuesday, almost 30 percent weaker than on […]

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