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China Sets Yuan Midpoint At Nine-month High As Dollar Weakens

China Sets Yuan Midpoint At Nine-month High As Dollar Weakens

China’s central bank set the yuan midpoint at 6.7307 per dollar on Thursday, the strongest level since October 2016, reflecting the dollar’s broad weakness in global markets. Thursday’s official guidance was 222 pips or 0.33 percent firmer than previous fix at 6.7529 per dollar. The move in the guidance was the biggest one-day strengthening in […]

China To Crack Down On Forex Irregularities

China To Crack Down On Forex Irregularities

China’s forex regulator said on Friday, that the Country will continue to crack down on foreign exchange irregularities in this second half, adding that support will be provided for domestic companies for their legitimate outbound investments. China will also safeguard and increase the value of the country’s forex reserves in the second half of this […]

Pound Skids To Nine-Month Low Against Euro As BoE Keeps Rates Unchanged

Pound Skids To Nine-Month Low Against Euro As BoE Keeps Rates Unchanged

UK’s Pound Sterling skidded almost 1 percent to a nine-month low against the euro on Thursday, after the Bank of England voted 6-2 to keep interest rates at their record lows and lowered its forecasts for growth, inflation and wages. BoE Governor Mark Carney and his top officials reiterated that they might raise borrowing costs […]

Dollar Struggles Ahead Of U.S. Jobs Report

Dollar Struggles Ahead Of U.S. Jobs Report

The US dollar struggled near a 2-1/2-year low against the euro and a seven-week trough versus the yen on Friday in the later in the session for potential relief. The greenback has been on the back foot through the week, weighed by largely uninspiring U.S. economic data which have added to uncertainty about the pace […]

Investors Stake N67.37trn At FMDQ In 6 Months

Investors Stake N67.37trn At FMDQ In 6 Months

MDQ OTC Securities Exchange recorded a turnover of N67.37 trillion in fixed income and currency markets between January and June. This is contained in the company’s market turnover report made available to newsmen in Lagos on Tuesday. A breakdown of the data indicated that of transactions worth N12.62 trillion were achieved in June, a growth […]

Foreign Investors Stake N430 Billion On Equities

Foreign Investors Stake N430 Billion On Equities

Foreign investors have increased their participation in Nigerian equities market by 60 per cent. This brings their level of holdings to over  N430 billion in the first half of the year, according to  the Nigerian Stock Exchange (NSE). An update on foreign portfolio transactions in the Nigerian equities showed that foreign investors were investing more […]

Forex: CBN Boosts Naira With $657m

Forex: CBN Boosts Naira With $657m

Central Bank of Nigeria (CBN) last week had injected $657.33 million into the foreign exchange market as interventions for the wholesale, retail, small and medium businesses and school fees as well as travel allowances. This is asides the $20,000 which it sells to each BDC twice a week. An injection of $657.33 million into the […]

Forex: CBN Sells $462m To Boost Market

Forex: CBN Sells $462m To Boost Market

The Central Bank of Nigeria, CBN, in an effort to further boost business activities, on Friday sold another $462,336,426.74 to prop up the Naira value and improve consumer prices. This was after the apex bank sold $194 million on Monday. Mr. Isaac Okorafor, the Acting Director in charge of Corporate Communications of the Central Bank, […]

Sterling Steadies Close To 10-month High Against Dollar

Sterling Steadies Close To 10-month High Against Dollar

The Pound Sterling steadied close to its highest levels in 10 months against the dollar on Friday on comments from the finance minister about a transitional leaving deal with the European Union. They soothed market fears that the country is set for a “hard Brexit”. Philip Hammond said on Friday that he wanted to avoid […]

Dollar Gains Ahead Of Federal Reserve Decision

Dollar Gains Ahead Of Federal Reserve Decision

The U.S. dollar ticked higher Wednesday as investors awaited the Federal Reserve’s latest policy decision. The WSJ Dollar Index, which measures the U.S. currency against 16 others, rose 0.1%, to 86.73. The Fed is widely expected to hold policy steady when it concludes its meeting at 2 p.m. EDT. The central bank won’t hold a […]

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