Tag "dollar"

    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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    Dollar collapse likely to remain in place

Dollar collapse likely to remain in place

It has been a painful week of trading for the dollar. The Greenback has essentially reversed its recovery from the previous two trading weeks, to return back towards levels not seen since December 2014.  This means that the dollar has not been valued this low since traders began to price in the normalization of US interest rate policy from the Federal [...]

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    Zuma’s resignation lifts rand to near 3-year high

Zuma’s resignation lifts rand to near 3-year high

After months of ongoing speculation, the overnight climax with Jacob Zuma resigning from his position as President of South Africa has lifted the Rand to its highest level since March 2015. The Rand has now advanced by nearly 2.4 percent against the dollar this week, and has strengthened against all of the G10 currencies throughout the same period, at time of [...]

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    Banks will no longer charge commission on retail forex transactions

Banks will no longer charge commission on retail forex transactions

The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]

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    Sterling boosted by UK jobs report, dollar sobs

Sterling boosted by UK jobs report, dollar sobs

Investors who were itching for another opportunity to propel Sterling higher were given the green light on Wednesday after UK employment data came in stronger than market expectations. The number of people in work unexpectedly jumped in the three months to November, while wage growth offered a pleasant surprise by rising 2.4% - the highest in almost a year. Although the number of jobless [...]

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UK inflation holds steady at 3% Euro rallies

Sterling was under immediate selling pressure against the dollar and most other major counterparts on Tuesday morning, after UK inflation unexpectedly held steady in October.Consumer price inflation stagnated in October, coming in at 3.0% as cheaper fuel offset the rising cost of food. While today’s steady CPI release is a breath of fresh air to the Bank of England, it [...]

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Exchange Rates

November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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