Tuesday, August 11, 2020

Tag "dollar"

    Rates unification closer as CBN adjusts spot rate to N379/$

Rates unification closer as CBN adjusts spot rate to N379/$

The Central Bank of Nigeria (CBN) has adjusted the spot exchange rate displayed on its website to N379 against the dollar from N361. This signals another step towards the unification of the exchange rates used in the country. The rate now displayed on the CBN website is closer to the N381/$ being traded on the secondary market intervention sales (SMIS) window. The SMIS [...]

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    ABCON: Reopening BDC window will crash exchange rate spike

ABCON: Reopening BDC window will crash exchange rate spike

The Association of Bureau De Change Operators of Nigeria (ABCON) says reopening the bureau de change window for foreign exchange will crash the prevailing spike in the exchange rate. Aminu Gwadabe (pictured), ABCON president, told NAN on Sunday that BDCs have always been the bridge for the availability of liquidity in the retail end sector. “The immediate thing to be done to [...]

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    CBN adjusts official exchange rate to N381/$

CBN adjusts official exchange rate to N381/$

The Central Bank of Nigeria has adjusted the official exchange rate to N381 to the dollar. This is another step towards the unification of the exchange rate as stated in the letter of intent sent to the International Monetary Fund (IMF). In the letter, the federal government said it would work towards “full exchange rate unification and greater exchange rate flexibility” to help [...]

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    EXCLUSIVE: CBN unifies FX rates as FAAC shares allocation at N360/$

EXCLUSIVE: CBN unifies FX rates as FAAC shares allocation at N360/$

Allocations to the three tiers of government in naira will increase as the federation account allocation committee (FAAC) has adopted a new exchange rate rate of N360/$, TheCable can report. This is as a result of the unification of exchange rates by the Central Bank of Nigeria (CBN). FAAC meeting ended in a deadlock on Wednesday. The committee, which disburses revenue to the three [...]

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    Devaluation? Naira trades at N380/$ on I&E window

Devaluation? Naira trades at N380/$ on I&E window

The naira traded at N380 to the dollar on Friday at the Investors and Exporters window. This comes after the Central Bank of Nigeria (CBN) announced that the current market fundamentals do not support devaluation of the naira. The I&E window was created by the apex bank in 2017 to make forex available to businesses after the 2016 recession. TheCable gathered that although [...]

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    Will Nigeria be able to float the Naira?

Will Nigeria be able to float the Naira?

The stabilizing economic conditions in Egypt almost three years after allowing its currency to float serves as a clear reminder to Nigeria that Egypt made the right decision. Today, when comparing the two nations side-by-side Egypt stands tall while Nigeria continues to nurse wounds inflicted from depreciating oil prices. While inflation in Egypt has slowed to single digits with growth projected to [...]

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    Foreign reserve records highest new-year opening in six years

Foreign reserve records highest new-year opening in six years

The Nigerian foreign reserve, in 2019, has recorded the highest opening in six years! According to the latest figures from the Central Bank of Nigeria (CBN), as collated by TheCable, the country's reserves opened at $43,075,740,908 on Tuesday to break a six-year record. The last time Nigeria's reserves opened above $42 billion was in 2013, when it opened the new year at above [...]

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    You’ll lick your wounds again, Emefiele tells currency speculators as naira falls

You’ll lick your wounds again, Emefiele tells currency speculators as naira falls

Godwin Emefiele, governor of the Central Bank of Nigerians (CBN), says currency speculators, betting on a fall of the naira, will lick their wounds again. Speaking at the 2018 Annual Bankers Dinner in Lagos, Emefiele said some people are already betting on the fall of the local currency, following a drop in naira at the parallel market this week. The governor said [...]

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    CBN steps in as naira falls to 15-month low of 371/$1

CBN steps in as naira falls to 15-month low of 371/$1

The Central Bank of Nigeria (CBN) has stepped in to save the naira, as the local currency dropped on the parallel market to trade at 371 per dollar. On Friday, traders at the several trading hubs in Lagos Nigeria, sold the dollar for N371, with expectations of further drop as the year comes to an end. Ibrahim Baba, a BDC operator who [...]

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    Oil prices ‘may hinder naira’ from benefits of weak dollar

Oil prices ‘may hinder naira’ from benefits of weak dollar

Lukman Otunuga, FXTM research analyst, says the naira will not benefit from a weakening dollar if oil prices keep declining at an alarming rate. The dollar dropped into the negative territory on Wednesday after Jerome Powell, chairman, US Federal Reserve said that interest rates are just below neutral-- meaning that it would no longer stimulate the economy. In a market  analysis on Thursday, Otunuga [...]

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    Higher US interest rates burn through Nigeria’s reserves

Higher US interest rates burn through Nigeria’s reserves

Defending the Nigerian Naira against the mighty Dollar has come at a steep price to the central bank of Nigeria in the form of falling reserves. Nigeria’s foreign exchange reserves have declined by roughly $2.1 billion in the last 30 days thanks to a broadly stronger Dollar and prospects of higher US interest rates. With the Fed expected to raise interest rates [...]

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    US-China dispute, South Africa’s recession… is the naira safe?

US-China dispute, South Africa’s recession… is the naira safe?

It has certainly been an explosively volatile trading quarter thus far as investors juggled with global trade tensions, dollar strength and chaos across emerging markets. The simmering trade dispute between the world’s two largest economies fuelled global risk aversion while a brutal sell-off in the EM space rattled investor confidence. Fears remain elevated over the turmoil in Turkey and Argentina spreading like [...]

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    ALERT: Turkish lira crisis may put the naira at risk

ALERT: Turkish lira crisis may put the naira at risk

The naira may be affected by the ongoing financial turmoil which has seen the Turkish lira lose 40% of its value. The lira has been in turmoil over worries about the country's high debt levels, rising inflation, President Tayyip Erdogan’s refusal to consent to an increase in interest rates and tension between the European country and the US. Erdogan has described his [...]

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    HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

HURRAY! CBN close to single rate as BDCs, banks get dollar at same price

The Central Bank of Nigeria (CBN) has approved that Bureaux de Change operators and commercial banks should get foreign exchange at the same rate. Isaac Okorafor, CBN acting director, corporate communications, made this known in a statement released on Monday. This means that banks and BDCs alike will buy the United States dollar at N357 per dollar to sell N360. He said [...]

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    Fitch affirms Nigeria at B+, dollar steady

Fitch affirms Nigeria at B+, dollar steady

  Fitch Ratings has affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook. While B+ is encouraging as the nation continues to recover, the negative outlook serves to highlight how Nigeria must break away from its reliance on oil. With Fitch expressing concerns over “the sustainability of the economic growth momentum”, the nation must strive to derive [...]

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‘Investors on alert’ as Naira stabilises, CBN decides rates

The Naira has remained stable against the Dollar for the week of April 16, supported by central bank intervention in the foreign exchange (Forex) market and rising commodity prices. The Central Bank of Nigeria (CBN) on Tuesday injected $210 million into the Forex market, “to enable market operators meet the requests of customers.” The apex bank had on April 10, injected $210 [...]

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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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