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Naira Closes 485 Wednesday Following Dollar Scarcity

Naira Closes 485 Wednesday Following Dollar Scarcity

The naira has been under persistent pressure both at the official and parallel foreign exchange markets owing to the acute shortage of the United States currency The naira closed flat at 485 against the United States dollar at the parallel market on Wednesday, three trading days after the local currency fell against the greenback to […]

Currencies To Watch Out For In 2017

Currencies To Watch Out For In 2017

The pound, krone and rand are the currencies to watch heading into 2017 as technical charts and supportive cross-asset themes signal their recent momentum may continue. Emerging-market equities and oil prices may have bottomed, helping the Norwegian and South African currencies, while the pound has room to claw back sharp losses following the Brexit vote. […]

U.S. Dollar Falls Against Oil-Linked Currencies

U.S. Dollar Falls Against Oil-Linked Currencies

Higher oil prices are beneficial for oil-producing nations and their currencies. The dollar fell Monday as a rally in crude oil prices depressed the greenback against the currencies of commodity producers. The WSJ Dollar Index, which measures the U.S. currency against 16 others, was recently down 0.6% to 91.32. The dollar fell 2.4% against the […]

Euro Slids 20-Month Low For Renzi’s Referendum Defeat

Euro Slids 20-Month Low For Renzi’s Referendum Defeat

The euro slid 1 percent to $1.0560 as of 1:42 a.m. Rome time. It earlier fell 1.5 percent to $1.0506, the lowest since March 16, 2015. The euro fell to the lowest level since March 2015 as Italian Prime Minister Matteo Renzi said he will resign after conceding defeat in the nation’s constitutional referendum. The […]

Interbank Rates To Stabilise On CBN Daily $1.5m Forex Sales To Banks

Interbank Rates To Stabilise On CBN Daily $1.5m Forex Sales To Banks

As the Central Bank of Nigeria (CBN) continues its daily $1.5 million foreign exchange sales to banks, relative stability of the naira witnessed at the interbank spot market last week is expected to continue in the week. Foreign exchange sales to banks were crossed at a fixed rate of N304.5/$ from Monday to Friday while […]

Eurozone Troubled As Italy Rejects Constitutional Changes

Eurozone Troubled As Italy Rejects Constitutional Changes

Italians resoundingly rejected constitutional changes aimed at streamlining lawmaking and boosting competitiveness, marking a sobering start to what could be a defining year ahead for the European Union. A widening split between the economics needed to sustain Europe’s common currency and the continent’s rising tide of populism was reinforced by Sunday’s referendum vote in Italy. National […]

Imports Rise 43% As Naira Devalues

Imports Rise 43% As Naira Devalues

“The rise in exports this quarter reduced the deficit trade balance,” the NBS said. The latest trade data released by the National Bureau of Statistics (NBS) shows that imports rose 43 percent year-on-year to N2.41 trillion from N1.68 trillion recorded in the same period of 2015, while quarterly comparison shows an increase by 6.2 percent […]

Agan! Naira Weakens Against Dollar

Agan! Naira Weakens Against Dollar

The naira is weakening further against the United States dollar amid a crackdown in the parallel market currency traders and the persistent scarcity of the greenback. Reuters reported that foreign exchange demand by small businesses was set to surge ahead of holiday season sales. The local currency fell 2.08 per cent week-on-week on Thursday to […]

Dollar Drops in Quiet Trading

Dollar Drops in Quiet Trading

The dollar fell 0.3% against the Mexican peso, 0.4% against the Indian rupee and 0.5% against the South Korean. The dollar fell broadly Friday as investors took profits on a powerful rally that has driven the U.S. currency to 14-year-highs this week. The WSJ Dollar Index, which measures the U.S. currency against 16 others, fell […]

Dollar, U.S. Bond Yields Drop As Oil Prices Slid On Doubts On Output Cut

Dollar, U.S. Bond Yields Drop As Oil Prices Slid On Doubts On Output Cut

After oil prices slid on fears that producer countries meeting this week could fail to agree an output cut, the dollar and U.S. bond yields fell on Monday as investors reversed a “Trumpflation” trade that has gripped markets since the U.S. elections. Brent crude futures last traded at $47.13 per barrel LCOc1, down slightly on […]

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