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Forex: Surplus Dollars Hit Nigeria Market

Forex: Surplus Dollars Hit Nigeria Market

The surplus supply of the US dollars has again jolted speculators and caused a further increase in value of the Naira. The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN). Fresh 100 million dollars was released at the interbank market to meet […]

CBN Injects Fresh $100m Forex, Dealers Pick $81.3m

CBN Injects Fresh $100m Forex, Dealers Pick $81.3m

On Friday, the Central Bank of Nigeria (CBN) concluded transactions on the sum of $100 million earlier offered at the interbank market to meet customers’ demands, out of which authorized dealers were only able to pick $81.347 million after an initial bid for $91 million. Acting Director of Corporate Communications at the CBN, Isaac Okorafor […]

Forex: Naira Consolidates Strength Against Dollar

Forex: Naira Consolidates Strength Against Dollar

The Naira on Friday consolidated its position against the US dollar at the parallel market, NAN reports. The Nigerian currency on Friday afternoon exchanged between N380 (buying rate) and N390 (selling rate), stronger than N400 recorded on Thursday, while the pound sterling and Euro closed at N490 and N430. At the Bureau De Change (BDC) […]

Withdraw Mutilated Currency Notes In Circulation – Reps Tells CBN

Withdraw Mutilated Currency Notes In Circulation – Reps Tells CBN

 The House of Representatives on thursday passed a resolution urging the Central Bank of Nigeria (CBN) to urgently withdraw and arrange for the destruction of mutilated currency notes in circulation as well as replace same with new ones. It expressed concern over the alarming rate of mutilated currency notes in circulation which has become a national […]

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 […]

Forex: CBN Releases Additional $180m

Forex: CBN Releases Additional $180m

The Central Bank of Nigeria (CBN) has released additional 180 million dollars to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at 80 million dollars through the inter-bank window. In a statement, on Monday in Abuja, the CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, […]

AMCON Sells Keystone Bank To Local Investors

AMCON Sells Keystone Bank To Local Investors

AMCON was set up in 2010 to absorb non-performing loans in exchange for government bonds, after the central bank injected $4 billion to rescue nine lenders from collapse seven years ago. Nigeria’s state-backed ‘bad bank’ AMCON has sold the nationalised Keystone Bank to a consortium of local investors called Sigma Golf Nigeria Limited and Riverbank […]

Emefiele Seeks Cooperation On Monetary, Fiscal Policy

Emefiele Seeks Cooperation On Monetary, Fiscal Policy

The Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget and investment. The closed-door […]

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