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Economy’s Track For Nigeria’s Forex Market

Economy’s Track For Nigeria’s Forex Market

In it is efforts to ensure smooth flows of foreign exchange currencies in the country, the Federal Government as an engine room for economic growth and development, various institutions must be mobilize in order to stabilize the foreign exchange market in the country. Since the establishment of the Central Bank of Nigeria, Nigeria’s exchange rate […]

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) […]

Forex: Black Market Naira Nears CBN Rate For Consumers

Forex: Black Market Naira Nears CBN Rate For Consumers

The Naira firmed to 390 per dollar on the black market on Friday, up 2.6 percent from its previous session and near the central bank’s rate for consumers, traders said. The central bank has been intervening on the official market to try to narrow the currency spread with the black market rate, which was 520 […]

Senator Commends CBN Over Naira Improvement

Senator Commends CBN Over Naira Improvement

Senator Hope Uzodinma has commended the Central Bank of Nigeria (CBN) for its effort at strengthening the Naira against the dollar. Uzodinma, who represents Imo West Senatorial District, told the News Agency of Nigeria (NAN) in Abuja that the recent appreciation of the naira was commendable and should be sustained to put the economy back […]

Growing Reserves Is Positive Outlook For Nigeria – Expert

Growing Reserves Is Positive Outlook For Nigeria – Expert

The rising level of Nigeria’s foreign reserves is a clear indication of a positive outlook for the Country, says a financial expert, Titus Okurounmu. Okurounmu, a former Director, Research Department, Central Bank of Nigeria (CBN), made this known in an interview with the News Agency of Nigeria (NAN) in Lagos. The CBN had, on March […]

Naira Extends Gains On Parallel Market

Naira Extends Gains On Parallel Market

Currency speculators and others who had stockpiled the greenback continued to count their losses on Thursday, when the naira extended its gains on the parallel market and inched closer towards a convergence between the street price for the dollar and the rate offered by the Central Bank of Nigeria (CBN) for invisible transactions. The naira […]

CBN Improved Forex Supply Raises Optimism About Nigeria’s Outlook

CBN Improved Forex Supply Raises Optimism About Nigeria’s Outlook

The improved foreign exchange (Forex) supply by the Central Bank of Nigeria (CBN) through stepped-up special intervention auctions, has given rise to greater optimism over the likely trajectory of FX policy, as well as the inflation outlook in Nigeria, a report has stated. Standard Chartered Bank in a report titled: “Nigeria – A checklist for […]

Naira Again Strengthens Against Dollar, Sells 420, 430 per Dollar

Naira Again Strengthens Against Dollar, Sells 420, 430 per 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 […]

Why The Dollar Is Forecast To Rise Again

Why The Dollar Is Forecast To Rise Again

The U.S. Dollar is presently suffering something of a soft patch. Investors have been surprised by the currency’s performance since the Federal Reserve announced an interest rate rise in mid-March. Of course the reason for the underperformance is that investors are selling the Dollar as an expression of disappointment after the Fed suggested markets should only expect two further […]

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