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CBN’s New Forex Window To Close Multiple Exchange Rates

CBN’s New Forex Window To Close Multiple Exchange Rates

The new foreign exchange window introduced by the Central Bank of Nigeria (CBN) could close the multiple exchange rates in the foreign exchange market, traders have told BusinessDay. This is even as traders expect that the exchange rate in the black market will appreciate further to the N370 to N375 to the US$ range this […]

Currency Reserves Healthy, Trade Deficit To Drop, Saudi Central Bank Says

The trade deficit is expected to drop this year Saudi Arabia’s central bank governor said on Saturday that the Kingdom’s foreign currency reserves were healthy, representing 80 percent of GDP, and that the country’s trade deficit could drop this year due to a decline in imports. “The trade deficit is expected to drop this year […]

French Exit Polls: Pound To Euro Exchange Rate Plummets

French Exit Polls: Pound To Euro Exchange Rate Plummets

The Pound Sterling has fallen heavily against the Euro as markets open at the start of a new week of trade on global foreign exchange markets. The Euro was seen shooting higher on polls that showed the centrist Emmanuel Macron winning then first-round of the French presidential election. The GBP/EUR was quoted at 1.1766 in early morning […]

EUR/USD Exchange Rate Could Hit 1.12 On Macron’s 1st Round Win

EUR/USD Exchange Rate Could Hit 1.12 On Macron’s 1st Round Win

Macron was seen winning the first round of the French election, ahead of Marine Le Pen who is widely seen as being the Euro-negative candidate. The Euro exchange rate complex has risen following news Emmanuel Macron is headed for the Élysée Palace. The latest Kantor exit poll has Macron with 23%, while Le Pen won 22% of the vote, Fillon […]

Investors Stake N13.4tn On Currency, Fixed Income Securities

Transactions in fixed income and currency markets for the month of rose by 10.5 per cent as investors committed N13.42 trillion in March, compared with N12.15 trillion recorded in February.  However, the Treasury Bills (T.bills) segment of the market continued to dominate and accounted for 49.5 per cent in February, while Federal Government of Nigeria (FGN) […]

Nigeria Loses $200b For Not Passing PIB

Nigeria Loses $200b For Not Passing PIB

Failure to legislate the proposed reforms in its oil and gas industry, particularly the Petroleum Industry Bill (PIB), has cost Nigeria a whopping $200 billion in investments. Of the amount, the country lost $15 billion yearly in investments withheld or diverted by investors to other countries because of uncertainty as investors do not know which […]

FOREX: CBN Sectoral Release Stabilizing Naira

FOREX: CBN Sectoral Release Stabilizing Naira

Effects of sectoral foreign exchange interventions by the Central Bank of Nigeria (CBN) may have started emerging as naira appears stabilising against major currencies, especially the dollar. The effect of this initiative became noticeable during the weekend as those operating in the small and medium enterprises (SMEs) segment of the economy heaved a sigh of […]

Battle To Recover $15b Gas Sales Dividends Begins

Battle To Recover $15b Gas Sales Dividends Begins

Under investigation by the Economic and Financial Crimes Commission (EFCC) are former Petroleum Resources Minister Diezani Alison-Madueke and some former officials of the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC), the upstream arm of NNPC in charge of oil exploration and production. Detectives are probing the whereabouts of $15.8billion Nigeria Liquefied […]

CBN Announces New Forex Window For Investors And Exporters

CBN Announces New Forex Window For Investors And Exporters

The Central Bank of Nigeria (CBN) announced on Friday a new Foreign Exchange widow for investors and exporters tagged: “Investors’ & Exporters’ FX Window”. The new window comes two weeks after the CBN opened a special Forex window for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items. In a […]

Naira To Strengthen Further On CBN $125.8 Sales To BDC

Naira To Strengthen Further On CBN $125.8 Sales To BDC

The Nigeria naira is expected to strengthen further from the current rate of between N376 and N380 to the dollar at the black market following interventions by the Central Bank of Nigeria (CBN) on the foreign exchange market. The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, April 20, 2017, trading at […]

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