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Pound Hits 2-week Low Against Euro

Pound Hits 2-week Low Against Euro

The Pound Sterling sank to a two-week low against the euro on Tuesday, hit by the single currency’s renewed strength as relieved investors turned optimistic on Europe after the first round of the French presidential election. The pound weakened to as much as 85.27 pence per euro after a Reuters report that European Central Bank […]

Dollar Wins Against Loonie On Tariff Announcement, Yen Sinks

Dollar Wins Against Loonie On Tariff Announcement, Yen Sinks

The U.S. dollar surged to its highest level against its Canadian counterpart in more than a year on Tuesday after the United States imposed duties on Canadian softwood, while the dollar hit a two-week high against the yen on greater risk appetite. The greenback hit C$1.3615, its highest level against the loonie since late Feb. […]

CBN Sells $25m For Investment, Exports At New Forex Window

CBN Sells $25m For Investment, Exports At New Forex Window

The Central Bank of Nigeria sold $25 million on Tuesday in its first day of offering foreign exchange to investors and exporters, it said in a statement. The central bank also sold $96.37 million in currency forwards at an auction, it said, part of its effort to narrow the spread between official and black market […]

European Central Bank Set To Change Tone On Economy

European Central Bank Set To Change Tone On Economy

While this weeks meeting might see slight changes in tone, the majority of economist expects the ECB to leave monetary policy unchanged. At this week’s European Central Bank meeting, it is all about slight changes in tone when it comes to their assessment of economic activity. With the French presidential run-off scheduled for May 7, there appears […]

Nigeria Records 10% Fall In Remittances Amid Pressure To Raise Forex Inflows

The decline in remittances, when valued in U.S. dollars, was worsened by a weaker euro, British pound and Russian ruble against the U.S. dollar. At a time when Nigeria is struggling to attract foreign exchange inflows to particularly to boost liquidity, reduce pressure on the naira and improve the economy, the country is also seeing […]

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 […]

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 […]

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