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Naira Depreciates Further Against Dollar

Naira Depreciates Further Against Dollar

The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The report says  that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not sustain the gain […]

CBN Gov. Clash – With Atedo Peterside Over Forex Policy

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele; and the Chairman, Stanbic IBTC Bank Plc, Mr. Atedo Peterside, on Thursday disagreed over whether the flexible foreign exchange policy of the apex bank had been able to address the foreign exchange challenges in the country or not. They both spoke in Abuja at […]

CBN – BDCs Working Towards Closing Inter-Bank, Parallel Exchange Rate Margin

CBN – BDCs Working Towards Closing Inter-Bank, Parallel Exchange Rate Margin

The meeting held  between the Central Bank of Nigeria (CBN) and the Bureau De Change (BDC) operators last week was focused  on ways to improve liquidity and to reduce the huge spread between the inter-bank and parallel market rates. Part of the outcome of that meeting was an agreement on uniform exchange rate for the […]

Osibanjo And Naira Exchange Rate

Osibanjo And Naira Exchange Rate

  Vice President Yemi Osinbajo said on Tuesday that Nigeria will  close the gap between the official and black market rates for the Naira against the dollar “very soon”, “The gap between the official and parallel market… it isn’t helpful,” he told reporters at the World Economic Forum in Davos. “If you look at the economic […]

May Speech Boost Pound Sterling Value

May Speech Boost Pound Sterling Value

  Sterling saw its biggest gain ever since the 2008 financial crisis on Tuesday as Prime Minister Theresa May promised a parliamentary vote on Britain’s deal to leave the EU and said it would seek to stay a key European partner. The pound, already up more than 1 percent as May began a keenly-awaited speech […]

Naira To Revenge Dollars This Week

Naira To Revenge Dollars This Week

  Economic and financial experts have said the naira may reverse this week the loss it recorded against the United States dollar last week. Owing to increased scarcity of the dollar, the naira fell from 490/dollar to 497/dollar during the past week. Currency and financial experts, however, linked the loss recorded by the local unit […]

$1bn in Two Weeks-External Reserves

$1bn in Two Weeks-External Reserves

Nigeria’s external reserves have hit $26.968bn, almost the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown that the reserves rose to $26.968bn on January 13 from $26.765bn on January 11, having hit $26.658bn and $26.552bn on January and 10 and January 11, respectively. Between December 30, 2016 and January […]

Stability In The Capital Market-Analyst

Stability In The Capital Market-Analyst

  The uncertainty expressed by investors in the country’s stock and fixed income markets is likely to ease as analysts expect some stability in the capital market this week. Activities in the equities market last week took a see-saw pattern as the Nigerian Stock Exchange All-Share Index contracted and advanced intermittently in the course of […]

Oil Price Leveraging.

Oil Price Leveraging.

A thin ray of light has pierced Nigeria’s gloomy skies. International crude oil prices held steady above the $55 per barrel threshold on Friday while, two days before, the World Bank reaffirmed its forecast of a return to positive growth for Africa’s largest economy. The prospects present two classic challenges: managing revenue from the price […]

Naira Falls To 497 As Dollar Scarcity Persist

Naira Falls To 497 As Dollar Scarcity Persist

As dollar shortages continued to hit the market, the Nigeria’s local currency fell to 497 against the United States currency at the parallel market on Friday. The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, told Reuters that the he expected dollar supplies to the BDCs to resume next week. Traders […]

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