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Dollar Rises From A 3-week Low; Sterling Edges Lower

Dollar Rises From A 3-week Low; Sterling Edges Lower

The dollar went higher on Wednesday, a day after dropping to a three-week low against a basket of major currencies amid a repricing of expectations of U.S. Federal Reserve rate increases and concerns about U.S. President Donald Trump’s ability to deliver a promised fiscal boost. The dollar index, which measures the greenback against a basket […]

Egypt To Increase Maximum Issuance Of Dollar Bonds To $7 Billion

Egypt will increase the maximum amount of dollar bonds it can issue on international markets to $7 billion, a cabinet statement said. The present $5 billion cap will be lifted by up to $2 billion, the statement said. It said the Ministry of Finance was seeking to obtain additional financing in the face of a rise […]

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

Out Of $100m Offered By CBN, Banks Buy Only $68.51m

This is coming after the CBN injected a total of $280 million into the Foreign Exchange Market on Tuesday, April 18, 2017. The Central Bank of Nigeria (CBN) again on Wednesday, April 19, 2017, carried out spot, wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to […]

External Reserve Hit $30.6b As Naira Rises By N12 To N385/$

External Reserve Hit $30.6b As Naira Rises By N12 To N385/$

The nation’s external reserve has risen by $260 million to $30.6 billion since the beginning of this month. The  naira appreciated on Wednesday by N12 to N385 against the dollar in the parallel market due to $62 million dollar supply to bureaux de change segment by the Central Bank of Nigeria (CBN). Vanguard survey revealed […]

Naira Gains Against Dollar, Closes At 390

Naira Gains Against Dollar, Closes At 390

The Nigeria naira recorded a major gain on Wednesday, closing at 390 per United States dollar at the parallel market, up from 405/dollar on Tuesday. This came barely 24 hours after the Central Bank of Nigeria announced the injection of $280m into the various segments of the forex market and the commencement of its weekly […]

Liquidity Boost To BDCs Narrows Exchange Rate Gap, Gwadabe Says

Liquidity Boost To BDCs Narrows Exchange Rate Gap, Gwadabe Says

The President of Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe,  says  lower exchange rate gap is due to liquidity boost to the BDCs sector. Gwadabe told the News Agency of Nigeria (NAN) on Tuesday in Lagos that the increase in the weekly volume of foreign exchange offered to BDCs  had […]

CBN Cuts Red Tape For Small Firms Seeking Dollars

CBN Cuts Red Tape For Small Firms Seeking Dollars

Nigeria’s Central Bank cut the amount of paperwork small and medium-size businesses must provide to buy dollars on Tuesday, to improve liquidity and the ease of doing business and help narrow the gap between official and black market exchange rates. Faced with a shortage of dollars and numerous requirements to fulfil when buying hard currency […]

NNPC Did Not Remit $81.2bn In Four Years – Reps Says

NNPC Did Not Remit $81.2bn In Four Years – Reps Says

While the NNPC claimed that 991.4 million barrels and 960.4 million barrels were lifted in May and October, respectively, the DPR reported that there was only one lifting of 960.4 million barrels in October. The House of Representatives believes that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds […]

Foreign Currency Inflows For Egyptian Banks At $19.2bn Since Flotation

Foreign Currency Inflows For Egyptian Banks At $19.2bn Since Flotation

Foreign currency inflows into the Egyptian banking system  reached $19.2 billion since the Egyptian pound was floated in November, the central bank said on Tuesday. The central bank raised interest rates by 3 percent and abandoned its currency peg of 8.8 pounds per dollar on Nov. 3, causing the pound to halve in value. The […]

Naira Hits Back Against The Dollar

Naira Hits Back Against The Dollar

The Nigeria Naira firmed against the US dollar at the parallel market on Tuesday, closing at N398 to the dollar, as the Central Bank of Nigeria sustains the supply of dollars at all markets. The naira appreciated from the N410 it posted at the segment on Friday. It was traded at N497 to the pound […]

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