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Power Firms Urge CBN To Sustain Forex Interventions

Power Firms Urge CBN To Sustain Forex Interventions

Power firms in Nigeria have urged the Central Bank of Nigeria to sustain its foreign exchange intervention in the financial market. According to them, the current dollar intervention by the apex bank has helped operators in virtually all the value chain in the power sector, adding that sustaining the development will further enhance the performance […]

EFCC Arrests Two CBN Directors For Forex Manipulation

EFCC Arrests Two CBN Directors For Forex Manipulation

The Economic and Financial Crimes Commission (EFCC) has arrested two directors of the Central Bank of Nigeria (CBN) for alleged forex manipulation and economic sabotage. Impeccable sources at the EFCC told one of our correspondents on Wednesday that the directors were still in custody as of press time at 7.30pm. It was learnt that the […]

Dollar Edges Up To Nine-day High As Euro Dippens

Dollar Edges Up To Nine-day High As Euro Dippens

The USaa dollar edged up to a nine-day high against a basket of currencies on Thursday, with the euro sagging as the European Central Bank showed no sign of stepping away from monetary easing anytime soon. The U.S. currency was up 0.3 percent at 111.385 yen , putting some distance between the four-month low of 110.110 it […]

Dollar Rises After Trump Selloff, Helped By Fed Comments, ECB

Dollar Rises After Trump Selloff, Helped By Fed Comments, ECB

The dollar rose to its highest in more than a week on Wednesday on outlooks for U.S. and European interest rates and as investors saw the selloff on U.S. President Donald Trump’s healthcare setback as overdone. Reuters reported European Central Bank policymakers were wary of changing their policy message after tweaks this month upset investors […]

States’ Debt Burden Rises To Over N3.342trn

Lagos, Delta, Osun and Akwa Ibom states topped the debt chart with a total debt profile of 1.262 trillion Naira, representing about 38% of debts owed by the 36 States of the Federation. The breakdown shows that as at 2016, Lagos State owes 603.25 billion Naira, Delta – 331.95 billion Naira, while Osun and Akwa […]

Analysts Hail CBN’s Naira Defence For Adjusting Rate For PTA, Others To N360/$

Analysts Hail CBN’s Naira Defence For Adjusting Rate For PTA, Others To N360/$

Financial market analysts have welcomed the Central Bank of Nigeria (CBN) Monday’s decision to lower the naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from N375. Describing the move as a show of strength by the central bank and its […]

About 20% Of Fake Currencies Circulate In Banks

About 20% Of Fake Currencies Circulate In Banks

When a currency is forged and produced illegally other than by the recognized authority, and is used or is intended to be used as a legal tender in the country, it is referred to as a counterfeit or fake currency About 20 per cent of fake naira notes are circulated by commercial banks, 5 per […]

Everyone’s Suddenly Becoming Exporter As Nigerian Firms Chase Dollars

Everyone’s Suddenly Becoming Exporter As Nigerian Firms Chase Dollars

“It’s a difficult situation where you have nothing to export, or you can export very little, whereas your dollar need is big,” Nigeria’s hard-currency shortage is forcing companies to get creative in their hunt for dollars. For many, including Dangote Cement Plc, that’s meant a bigger focus on exports. The continent’s biggest producer of the […]

Egypt Floats Currency, Gains $3.1 Billion Portfolio Inflow

Egypt Floats Currency, Gains $3.1 Billion Portfolio Inflow

The decision by the Egyptian government to float its currency has already started yielding positive outcomes in the economy, even though inflation spiked. Even though Nigeria’s central bank has earned a pat on the back after it neatly squashed speculative attacks on the naira, which has led to a 20 percent appreciation in the black […]

CBN To Sell Dollars To Exchange Bureaus At 362 Naira

CBN To Sell Dollars To Exchange Bureaus At 362 Naira

The Central Bank of Nigeria has set a new naira rate of 362 for the country’s retail exchange bureaus to sell dollars to consumers, the head of the bureau association told Reuters on Tuesday. Nigeria has at least five exchange rates — the official one, the black market, a rate for Muslim pilgrims going to […]

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