Wednesday, August 14, 2019

Tag "forex"

    ‘Leave CBN alone’ — Moghalu rejects Buhari’s directive on food importation

‘Leave CBN alone’ — Moghalu rejects Buhari’s directive on food importation

Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari over his directive to the apex bank to halt foreign exchange for food importation.The president had told the apex bank not to give a cent to anybody to import food into the country, saying by so doing, there would be steady improvement in [...]

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    The winning habits of successful forex traders

The winning habits of successful forex traders

BY ABIOLA AKINLEYEWho is a forex trader? A forex trader is an individual who exchanges one currency for another in the global financial market. The financial market is an over-the-counter (OTC) market, where financial instruments are traded. It is considered the largest and most liquid market in the world, with a daily turnover of over 5.6 trillion dollars.  Anyone who wishes to [...]

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    CBN may add more to the 41 items not eligible for forex

CBN may add more to the 41 items not eligible for forex

The Central Bank of Nigeria (CBN) may increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.Godwin Emefiele made this revelation at the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.He said the bank, based on internal research, has received a recommendation to do so, following a [...]

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    The real story of Victor Moses and his journey from Kaduna to the world

The real story of Victor Moses and his journey from Kaduna to the world

On the quiet streets of Kaduna, an eleven-year-old tackled his friends on a football field, carefully nursing his passion one kick at a time. Like most kids his age, dreaming was all that he had, and after a busy day at school, if you were able to set even the tiniest brick for that dream to be built, you were [...]

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    Naira stable as CBN injects $210m into forex market

Naira stable as CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) on Tuesday injected $210million into various segments of the foreign exchange market.This is just as the naira maintained stability in the parallel market, exchanging at an average of N360 to one dollar.According to figures obtained from the apex bank, $100million was offered to authorised dealers in the wholesale segment of the market, while the [...]

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    CBN: Floating the naira could have destroyed the economy

CBN: Floating the naira could have destroyed the economy

The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession.Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at an event organised by the Nigerian Institute of Public Relations (NIPR) in Abuja.He said the negative consequences that Egypt, Venezuela and [...]

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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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    From farming to forex, how technology has changed the face of investing

From farming to forex, how technology has changed the face of investing

BY NIKOLA GROZDANOVIC Not too long ago, when an individual wanted to save or invest money, they were limited to a handful of options. In the early days of our ancestors, farming and land underpinned wealth and a bank account was considered a luxury. Even after industrialization took hold, we were still fairly limited; with most individuals opting to invest in [...]

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    CBN sustains naira with $195m forex intervention

CBN sustains naira with $195m forex intervention

The Central Bank of Nigeria (CBN) on Monday boosted the inter-bank foreign exchange market with an additional $195m, even as the naira maintains stability.Exchanging at an average of N360 to $1 in the bureau de change segments (BDC) of the market, the apex bank says it is committed to sustaining liquidity and achieving convergence of rates in the interbank and [...]

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    CBN injects $195m into forex market as naira maintains stability

CBN injects $195m into forex market as naira maintains stability

The Central Bank of Nigeria (CBN) has injected $195 million into the inter-bank of the foreign exchange (forex) market.This comes on the back of the apex bank’s monetary policy aimed at uplifting the naira exchange rate.Figures made available on Monday showed that the bank had sold an initial $100 million in the wholesale segment of the inter-bank.The small and medium enterprises [...]

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    CBN sustains naira stability with $195m forex intervention

CBN sustains naira stability with $195m forex intervention

In continued efforts to sustain forex liquidity in the country, the Central Bank of Nigeria (CBN) has intervened in the inter-bank foreign exchange market with $195 million.Data released by the bank shows that the apex bank offered $100 million to the wholesale segment while the small and medium enterprises (SMEs) segment received the sum of $50 million.The invisibles segment, comprising [...]

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    Naira rates converging at parallel, official markets as CBN pumps fresh $413.5m

Naira rates converging at parallel, official markets as CBN pumps fresh $413.5m

The rates of the Nigerian naira at the parallel market is gradually closing in on the official rates set by the Central Bank of Nigeria (CBN) as the bank pumps fresh $413.5 million into the forex market.At the parallel market on Monday, the naira, which hovered around 365 per  dollar, traded as low as a record 362, just about N2 [...]

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    Expert asks CBN to sustain forex interventions as stock market hits all-year high

Expert asks CBN to sustain forex interventions as stock market hits all-year high

Uche Uwaleke, a professor and financial expert, says the Central Bank of Nigeria’s (CBN) intervention in the forex market is already manifesting positively in many sectors of the economy.He asked the CBN to keep up the policy as the the capital market hit an all-year on Thursday.On Thursday, the market capitalisation of the market hit N11,386,841,556,678.40, and all share index [...]

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    Naira stable as forex reserves shed $493.7m in 21 days

Naira stable as forex reserves shed $493.7m in 21 days

Nigeria's foreign exchange reserves has shed a total of $493.72 million in the past 21 days.According to data from the Central Bank of Nigeria (CBN), the country's reserves swung from $30,988,403,724 on May 4, 2017 to $30,494,680,050 as at the close of business on Thursday May 25.Within the same period, the CBN made numerous interventions in the foreign exchange market [...]

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    Naira gains, despite consecutive fall in foreign reserves

Naira gains, despite consecutive fall in foreign reserves

The Nigerian naira strengthened slightly at the parallel market, despite fall in the country's foreign reserves.On Friday, the naira appreciated by one point against the dollar, moving from 391 to 390 against the greenback.The British pound lost some ground to the naira to trade at N495, while the euro exchanged for N420.This is happening despite a three-day fall in the [...]

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    CBN confirms FX glut as banks pick up only 29% of $150m offered

CBN confirms FX glut as banks pick up only 29% of $150m offered

The Central Bank of Nigeria (CBN) has confirmed excess availability of foreign exchange at the interbank market, as banks fail to fully subscribe to the $150 million offered by the apex bank.Information from the apex Bank indicate that the dealers could only pick the sum of $43.5 million, which represents 29 percent of the $150 million offered for subscription in [...]

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Exchange Rates

August 08, 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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