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Come Up With Economic Blueprint, World Bank, IMF Pressures Buhari

Come Up With Economic Blueprint, World Bank, IMF Pressures Buhari

Pressures have been piled on the Federal Government by the World Bank and International Monetary Fund, IMF, to come up with an economic blueprint, if its drive for foreign loans was not to be stalled. Vanguard gathered that officials of both financial  institutions have questioned the Minister of Finance and her team over the absence […]

Afreximbank Set To Fight Illicit Flow Of $50bn

Afreximbank Set To Fight Illicit Flow Of $50bn

African Export-Import Bank (Afreximbank) has said it would soon unveil an online tracking scheme that would help to fight the perennial illicit financial flows in the continent now estimated at $50 billion yearly. Tagged: “African Customer Due Diligence Repository Platform”, the regional trade bank said the initiative would provide a centralised source of primary data […]

Dollar’s Surge May Deter Fed If It Goes On, Goldman Asset Frets

Dollar’s Surge May Deter Fed If It Goes On, Goldman Asset Frets

The Goldman Sachs Asset Management is concerned about dollar’s climb to a seven-month high, says further appreciation could undermine the U.S. economy and deter the Federal Reserve from raising interest rates in December. The Fed may hold fire if the trade-weighted measure of the greenback climbs to levels last seen in January, the asset manager […]

Dollar’s Surge Goes From Road Block To All-Clear Signal For Fed

Dollar’s Surge Goes From Road Block To All-Clear Signal For Fed

When the dollar surged around this time last year, the stock market tumbled and oil prices fell into a tailspin, forcing Federal Reserve officials to scale back plans for the pace of interest-rate increases. Yet if anything, the currency’s strength the last couple months may encourage policy makers to tighten this time around. “Financial conditions […]

CBN To Sell $500m FX Forwards To Banks To Meet Customers’ Demands

CBN To Sell $500m FX Forwards To Banks To Meet Customers’ Demands

Desirous of ensuring that manufacturers get the required foreign exchange (FX) for the importation of critical raw materials as well as meeting the pent-up demand for the greenback, the Central Bank of Nigeria (CBN) will tomorrow sell $500 million through FX forwards to banks, for onward sales to their customers. The move, which is also […]

DMO Sets Limit For FG’s 2017 Loan Amount

DMO Sets Limit For FG’s 2017 Loan Amount

The Debt Management Office has fixed the maximum limit of loan amount, both domestic and external, the federal government could contract in the fiscal year 2017 at $22.08 billion (about N6.4 trillion). According to the office, for 2017, new domestic borrowing has been pegged at $5.52 billion (about N1.6 trillion); and, new external Borrowing: $16.56 […]

OTC Market Transaction In September Rise To N10.85trn

According to the data from the FMDQ OTC Securities Exchange Plc, total transaction in the Over-the-Counter, OTC market for fixed income and currency market has risen to N10.85 trillion in the month ended September 30, 2016. The turnover represents 11.30 per cent or N1.10 trillion increase over N9.75 trillion recorded a month earlier and year-on-year […]

Naira Expected To Rise This Week As Dollar Supply Improves

Naira Expected To Rise This Week As Dollar Supply Improves

Currency dealers have predicted that the naira is expected to strengthen this week on improved dollar supply to the market. The naira fell to N470 to the dollar on the parallel market last Friday, as against the N455 to the dollar it was the preceding Friday. However, on the interbank FX market, the spot rate […]

Nigerian Students, Medical Tourists Live On Borrowed Time Due To Overseas Naira Debit Card Cap:

The decision of Nigerian banks to cut off their Automated Teller Machine (ATM) card services as well as hard currency- denominated online transactions may have distabilised the army of Nigerian students studying overseas, the sick in foreign hospitals and the Diaspora community in general. Since the suspension, many Nigerians has since misconstrued the step as subtle […]

Nigeria Becomes 9th Oil Supplier To US

Nigeria Becomes 9th Oil Supplier To US

According to the the latest data from the US Energy Information Administration, Nigeria has become the ninth supplier of crude oil to the United States, from 15th and 12th positions in 2014 and 2015, respectively. Canada, Saudi Arabia, and Venezuela are the top three sources of crude imports to the US, followed by Mexico, Colombia, Russia, […]

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