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Nigeria An Opportunity For Fx Brokers As Domestic Banks Banned For 8 Weeks

Nigeria An Opportunity For Fx Brokers As Domestic Banks Banned For 8 Weeks

Nigeria’s interbank FX sector has fallen flat on its face, and the widespread disarray in local markets makes overseas FX brokerages absolutely attractive to Nigerian IBs. For those with unrelenting will, it may well be a good market to revisit National disarray, corruption, lack of direction and chaos + a series of willing and eager […]

CBN Reads Riot Act On Transaction Settlement

CBN Reads Riot Act On Transaction Settlement

  The warning giving out yesterday by CBN says that any authorised dealer that defaults in the settlement of any auction or 2-way quote with the CBN in the financial market would be duly punished. The punishment includes suspension from all auctions as well as from its discount window. The central bank stated this in a […]

Nigeria Seeks $1 Billion Loan From World Bank to Support Budget

Nigeria Seeks $1 Billion Loan From World Bank to Support Budget

In consideration of the 2017 budget, Nigeria has  planned  to apply for a $1-billion loan from the World Bank to support this year’s budget once lawmakers approve the government’s spending proposals, Finance Minister Kemi Adeosun said. The West African nation is also likely to “kick off” its $1 billion Eurobond sale this week, Adeosun told reporters […]

Foreign Reserves Hit $28b, CBN Warns Banks Over Failed Settlements

Foreign Reserves Hit $28b, CBN Warns Banks Over Failed Settlements

    Nigeria’s foreign reserves have grown to $28.12 billion, according to the latest figures from the Central Bank of Nigeria (CBN) for January 2017. The reserves fell to $23.95 billion in October 2016, stoking fears among foreign investors on the country’s ability to settle dollar-denominated obligations in the midst of falling crude oil prices. […]

Ikej Electric Says Inflation, Forex Threatening Its Operations

Ikej Electric Says Inflation, Forex Threatening Its Operations

  Ikeja Electric Plc, yesterday in its sustainability report titled, “Building A Customer-Centric Business-Our Journey to Sustainability,” said inflation, foreign exchange scarcity among other challenges have continued to threaten its operations, Speaking on the report, the chief executive officer, Mr. Anthony Youdeowei said “conditions such as inflation and Foreign Exchange (forex ) fluctuations still pose […]

Keystone Bank, MD In Trouble Over N4bn Illegal Transaction

Keystone Bank, MD In Trouble Over N4bn Illegal Transaction

  These are not the best of times for Keystone Bank Limited and its managing director/chief executive officer, Mr. Phillip Ikeazor as the House of Representatives on Monday urged the Economic and Financial Crimes Commission to commence investigation into an alleged illegal movement of N4 billion from the Industrial Trust Fund’s account domiciled with the […]

Still On CBN’s Forex Policy

Still On CBN’s Forex Policy

The Central Bank of Nigeria (CBN) was reported to have said on Monday that it would not allow free floating of the naira. This is a scandalous pronouncement that anyone with a rudimentary knowledge of economics cannot but deplore. The CBN is not expected to make pronouncements that are not fair to the Nigerian market. […]

Naira Reverses Loss After Dropping To 500/Dollar

Naira Reverses Loss After Dropping To 500/Dollar

  The Naira dropped against the United States dollar from 498 to 500 at the parallel market during the early trading hours on Monday, crossing the critical threshold currency analysts had predicted. Foreign exchange traders linked the development to relative scarcity of the greenback in the forex market. The local unit, however, reversed the loss […]

Black Market Naira At 499 Per Dollar 39 %Discount On Nigeria Rate

Black Market Naira At 499 Per Dollar 39 %Discount On Nigeria Rate

  Nigeria’s naira was quoted as low as 499 to the dollar on the black market on Tuesday, 39 percent weaker than on the official market, where the central bank has been selling the greenback to support the local currency. On the official market, the naira was quoted at 305.25 on Tuesday, the level it […]

Making Forex Trading Profitable

Making Forex Trading Profitable

Planning is the basis for profitable trading. At times, one loses focus, which could have a negative impact on a trader’s account. It has regrettably happened to me. Sharing my thoughts and experience on this venture for full-time and part-time traders is worthwhile. The points discussed below are areas of expedient focus. Training Training remains […]

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