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Nigeria To Sell 1.24trn Naira Treasury Bills From June 15 To Aug 31

Nigeria To Sell 1.24trn Naira Treasury Bills From June 15 To Aug 31

Nigeria plans to sell 1.24 trillion naira ($4.1 billion) worth of treasury bills from June 15 to August 31, a central bank debt calendar for the third quarter showed on Friday. The bank aims to auction 226.64 billion naira in 91-day bills, 311.32 billion in 182-day and 698.64 billion in 364-day debt. The central bank […]

Forex: BDC Operators Cry Out As Nara/Dollar Rates Converge At Markets

Forex: BDC Operators Cry Out As Nara/Dollar Rates Converge At Markets

We want the CBN to review the BDC rate to ensure that currency speculators do not return to the market Nigeria’s Bureaux de change (BDCs) operators have lamented that convergence of parallel and black market rates thereby calling on the Central Bank of Nigeria, (CBN) to review the rate band for BDCs. Aminu Gwadabe, president, […]

Euro Dips As ECB Holds Rates, Dollar Sturdy

Euro Dips As ECB Holds Rates, Dollar Sturdy

The euro droped against the US dollar on Thursday after the European Central Bank kept interest rates on hold, while the greenback strengthened against a basket of currencies as U.S. Senate testimony by former FBI Director James Comey got underway. The ECB dropped a reference to further interest rate cuts, while repeating it expects rates […]

Forex: CBN To Sanction OFIS For Non-compliance With Credit Bureaux

Forex: CBN To Sanction OFIS For Non-compliance With Credit Bureaux

The Central Bank of Nigeria (CBN) will from now on sanction other financial institutions (OFIs) for non-compliance with data exchange agreement with credit bureaux. Other financial institutions include microfinance banks (MFBs), Finance Companies (FCs), Primary Mortgage Banks (PMBs) and Development Finance Institutions (DFIs). The CBN had in April 30, 2010, directed banks and other financial […]

Forex Intervention: Economist Tasks CBN To Sustain Naira Appreciation

Forex Intervention: Economist Tasks CBN To Sustain Naira Appreciation

If CBN should withdraw from the market, the appreciation of the Naira will be difficult to sustain An economist, Mr Charles Mordi has urged the Central Bank of Nigeria (CBN) to continue to inject Foreign Exchange (forex) into the market to sustain current appreciation of the Naira Mordi, a former Director of Research at CBN […]

Forex: CBN Injects $190m Into Market

Forex: CBN Injects $190m Into Market

Relentless to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another 190 million dollars into the market. The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement on Monday in Abuja, said 100 million dollars […]

CBN Pushes For Rate Convergence With FX Intervention

CBN Pushes For Rate Convergence With FX Intervention

Spurred by the Naira’s strong showing in the foreign exchange market last week, sources at the Central Bank of Nigeria (CBN), at the weekend, disclosed plans by the apex bank to inject more funds into the market this week. Last week, the Naira gained substantial ground against the United States dollar, selling at N363/$1 compared […]

Bitcoin Now More Valued Than Gold

Bitcoin Now More Valued Than Gold

As of Monday of the penultimate week, one bitcoin traded at $2,157, at a time when gold was trading at $1,250 an ounce. Believe it or not, bitcoin, the Internet (digital) currency, is now worth a lot more than an ounce of gold. That is, at least for now. The price of gold reached an all-time […]

CBN To Pump More Dollar Into Forex Market

CBN To Pump More Dollar Into Forex Market

The Central Bank of Nigeria (CBN) is set to inject more funds into forex market this week as part of resolve to achieve forex rates convergence and liquidity in the market. The naira experienced strong showing in the foreign exchange market last week gaining substantial ground against the United States dollar, at N363/$1 compared to the […]

Forex: CBN’s Exporter, Importer Window Attracts $1b Deals

Forex: CBN’s Exporter, Importer Window Attracts $1b Deals

The Managing Director, Financial Derivatives Limited, Bismarck Rewane, has said the Exporter/Importer Forex Window launched by the Central Bank of Nigeria (CBN) to deepen dollar inflows to the economy has recorded $1 billion deals in the last six weeks. In the company’s economic report, released at the weekend, he said the CBN introduced a new […]

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