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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 […]

CBN Offers $100m Currency Forwards

CBN  Offers $100m Currency Forwards

The Central Bank of Nigeria said it had offered $100 million in currency forwards at an auction on Tuesday, to boost liquidity on the interbank market and support the naira. The dollar sale, for which settlement will be between one week and 45 days, is aimed at meeting demand from businesses, the bank said in […]

Pound Climbs To 6-month High Ahead Of U.K. Election

Pound Climbs To 6-month High Ahead Of U.K. Election

Is Sterling on a Perpetual Devaluation? The pound extended gains made during the European session, rising to its highest since early October at 1.2905, after U.K. Prime Minister Theresa May announced a snap election for June. The surge put fresh pressure on the dollar, which stayed near session lows. Trading flows were lopsided and sterling-centric as the […]

CBN Boosts Forex Liquidity To BDCs, Invisibles, SMEs, With $280m

CBN Boosts Forex Liquidity To BDCs, Invisibles, SMEs, With $280m

Central Bank of Nigeria (CBN) on Tuesday, underscored its determination to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market. Also, the apex bank commenced its weekly $20,000 sales to licensed Bureaux De Change and further announced the opening of bids for offering $100 million […]

North Korea: Dollar Hits Five-month Low Against Yen As Tensions Mount

North Korea: Dollar Hits Five-month Low Against Yen As Tensions Mount

The dollar dipped to a five-month low against the yen on Monday as rising tensions over North Korea kept the safe-haven Japanese currency in demand. The dollar index against a basket of major currencies was down 0.2 percent at 100.390 .DXY, weighed down following the release of Friday’s weak U.S. retail sales and consumer prices […]

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