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CBN Sells $150 Million In Forwards

CBN Sells $150 Million In Forwards

The Central bank of Nigeria said on Tuesday that it had sold $150 million in currency forwards on the interbank market through commercial lenders. The central bank, which has been intervening on the official currency market over the past two weeks, had earlier told lenders that Tuesday’s sale would be settled within 60 days. In an emailed statement, […]

Sterling Hits Second Lowest Point Since Brexit Vote

Sterling Hits Second Lowest Point Since Brexit Vote

The Sterling is hovering around its second lowest level against the U.S. dollar since last June’s vote to leave the European Union (EU) on Tuesday as unfolding political developments add to concerns over the outlook for the U.K. In a significant day for British political news, Monday saw U.K. Prime Minister (PM), Theresa May, gain […]

Euro To Pound Exchange Rate A ‘Buy’ – Credit Suisse Bank

Euro To Pound Exchange Rate A ‘Buy’ – Credit Suisse Bank

Strategists at investment bank Credit Suisse recommend buying the Euro while selling Sterling in anticipation of further weakness in the latter. Euro to Pound rate today (15-3-17): 0.8752 Pound to Euro rate today: 1.1426 Analyst Bhaveer Shah justifies the buy on EUR/GBP on the ever-uncertain political outlook facing the UK: “Markets may also see Brexit and Scotland […]

Euro To Pound Continues To Rise On Central Bank Inertia

Euro To Pound Continues To Rise On Central Bank Inertia

EUR/GBP is forecast to rise as the Pound weakens versus the Euro after the meeting of the Bank of England (BOE) on Thursday, analysts at Danske Bank said. Danske foresee no-change in monetary policy despite a recent upshot in inflation. “We expect BoE to maintain the Bank Rate at 0.25%, while leaving the targets for […]

CBN To Ban Unauthorised FX Dealers

CBN To Ban Unauthorised FX Dealers

The Central Bank of Nigeria (CBN) has threatened to bar authorised dealers in foreign exchange (forex) who fail to comply with its new directive on foreign exchange transactions. According to a circular released over the weekend and signed by Dr. Alvan E Ikoku, Director, Financial Markets Department to all authorised dealers, the apex bank ordered […]

Transcorp MD Predicts Stock Market Rebound

Mr Emmanuel Nnorom, the Chief Executive of Transcorp, says the capital market will soon rebound with the current positive developments in the foreign exchange market. Nnorom said on Monday in Lagos that the capital market would soon overcome the current lull with foreign exchange rate stability and improvement in various sectors of the economy. He […]

Foreign Investors Not Keen Despite CBN New Forex Policy

Foreign Investors Not Keen Despite CBN New Forex Policy

While the nation ’ s forex market has seen increased liquidity in recent days on the back of the Central Bank of Nigeria ’ s new policy action, foreign investors are not keen on bringing back capital into the country. Industry experts, including the Chief Executive Officer , Financial Derivatives Company Limited , Bismarck Rewane […]

Guaranty Trust Bank Extends ICS Banks Core System Roll- Out To Tanzania

Guaranty Trust Bank Extends ICS Banks Core System Roll- Out To Tanzania

Guaranty Trust Bank (GTBank), a Nigeria-based bank operating across multiple countries in Africa, has extended the roll-out of its core banking system, ICS Banks, to Tanzania. The solution is supplied by ICS Financial Systems (ICSFS). Banking Technology understands this is the second core banking software project for ICSFS in Tanzania, following an earlier deal with […]

Women Arrested For Selling Naira Notes

Six women were arrested by the police in conjunction with the Central Bank of Nigeria (CBN), for allegedly selling mint naira notes in Lagos. The women were allegedly selling the notes to people going to parties to ‘spray’ against CBN Act in 2007. The suspects-Fausat Jimoh, Bisoye Oyegbile, Balikis Ajadi, Bisola Amoru, Abidemi Oladejo and […]

Nigeria’s Fx Market Posts Dollar Trades At Near Record Low

Nigeria’s Fx Market Posts Dollar Trades At Near Record Low

Nigeria’s interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, Thomson Reuters data showed on Monday. The local currency traded at a record low of 375.50 to the dollar last November on the official interbank market before it reversed losses. The interbank […]

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