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Naira Set To Gain More This Week – CBN

Naira Set To Gain More This Week – CBN

The Nigeria Naira is set to further appreciate in the week as the Central Bank of Nigeria plans to inject more Foreign Exchange into the market to meet the requests of genuine customers. The spokesman of CBN, Mr. Isaac Okorafor, gave the assurance in a statement on Sunday in Lagos. The News Agency of Nigeria […]

Donald Trump’s Anti-US Dollar Policy Is Working

Donald Trump’s Anti-US Dollar Policy Is Working

The US Dollar is forecast to lose some ground, particularly against emerging market currencies, over coming weeks argue analysts at Morgan Stanley. Morgan Stanley’s Hans Redeker has written to clients saying the Dollar will find it diffcult to appreciate as US Banks increase the supply of Dollars into the global economy. Increased supply of a […]

Why The US Dollar Is Falling

Why The US Dollar Is Falling

The United States Dollar exchange rate complex came under pressure following the US Federal Reserve’s decision to raise interest rates 0.25% ensuring their upper band on interest rates sits at 1.0%. However, this was expected and cannot be said to be the reason for the decline. Foreign exchange markets are forward-looking in nature, therefore what […]

CBN Offers And Receives $100m In Forwards

CBN Offers And Receives $100m In Forwards

Central Bank of Nigeria on Thursday said it had offered and received bids for $100 million in currency forwards from authorised dealers in the interbank market. Central bank spokesman Isaac Okorafor said the sales would be settled on Friday. The bank has been selling the U.S. currency since February after it effectively devalued the naira […]

Naira Instability Kills Businesses in Nigeria

Naira Instability Kills Businesses in Nigeria

Mr Gabriel Olowo, the President and Chief Executive Officer of Sabre Network NMC West Africa, has said that the instability of the naira over other international currencies has adversely affected many businesses in Nigeria, leading to collapse of indigenous companies and the withdrawal of some multinational organisations from the country. Olowo who made the remark […]

Naira Gets Stronger As CBN Clears More BDC For Dollar Sales

Naira Gets Stronger As CBN Clears More BDC For Dollar Sales

The value of naira firmed at the parallel market as the Central Bank of Nigeria sold more dollars to banks as well as bureau de change operators. Having sold $150 million to authorized foreign exchange dealers on Wednesday, the apex bank also offered $100 million at the interbank market yesterday as it sold dollars to […]

Naira Maintains Gain Against Dollar

Naira Maintains Gain Against Dollar

The Naira consolidated its gains against the dollar at the parallel market on Thursday. The Nigerian currency gained two points to exchange at N455 to a dollar, from N457 it posted on Wednesday, while the Pound Sterling and the Euro traded at N550 and N480, respectively. At the Bureau De Change window, the Naira traded […]

Banks Refuse Naira Payment From Etisalat Nigeria

Banks Refuse Naira Payment From Etisalat Nigeria

According to reports by Reuters News Agency, banks are refusing Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira. They are proposing that and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said. A banker with knowledge of the negotiations told Reuters […]

Dollar Falls As Fed Signals Hikes, Dutch Election Exit Poll

Dollar Falls As Fed Signals Hikes, Dutch Election Exit Poll

The dollar index fell to a one-month low and was last at 100.560 , down 1.1 percent. The US dollar posted steep losses on Wednesday against major currencies after the Federal Reserve raised interest rates as expected but signalled a more gradual pace of monetary tightening this year than many in the market anticipated. The greenback fell […]

Euro Hits One-Month High As Dutch Vote Shows Liberal Win

Euro Hits One-Month High As Dutch Vote Shows Liberal Win

  The euro traded just off the highest level in more than a month after an exit poll showed Dutch Prime Minister Mark Rutte’s Liberals easily beat the anti-Islam Freedom Party of Geert Wilders in Wednesday’s election, allaying concerns about the spread of populism in the currency bloc. The shared currency had the biggest advance […]

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