Wednesday, October 17, 2018

Tag "FXTM"

    INTERVIEW: Why CBN can’t cut interest rates now, by Lukman Otunuga

INTERVIEW: Why CBN can’t cut interest rates now, by Lukman Otunuga

The monetary policy committee of the Central Bank of Nigeria has kept interest rate at 14% for two years.Analysts and businesses alike have expected that the committee to cut rates and reduce the cost of borrowing.In this interview with TheCable, Lukman Otunuga, an economic analyst with FXTM, explains why the committee cannot reduce interest rates yet.TheCable: Do you think the [...]

0 comment Read Full Article
    Naira stable as rand, peso tumble

Naira stable as rand, peso tumble

The Nigerian Naira maintained stability against the Dollar on Thursday despite growing expectations over higher US interest rates this year.It is becoming clear that that the Central Bank of Nigeria’s repeated intervention in the FX market has resulted in a stable Naira exchange. Although this method could continue supporting the local currency, Nigeria’s external reserves may come under pressure.Sentiment towards [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    Global stocks crumble on risk aversion, Pound higher

Global stocks crumble on risk aversion, Pound higher

Investors have entered the second trading quarter of 2018 on a mission to avoid riskier assets amid the escalating trade tensions between the US and China.After global equities experienced their worst three months in more than two years, retaliatory tariffs announced by China resulted in stocks suffering their worst start to April since the great depression.Asian shares were depressed during [...]

0 comment Read Full Article
    ‘Nigeria’s economic recovery poised to build momentum in Q2’

‘Nigeria’s economic recovery poised to build momentum in Q2’

Market optimism over the recovery of Africa’s largest economy has increased steadily throughout the first trading quarter of 2018.The combination of appreciating oil prices, foreign exchange stability and easing inflationary pressure has boosted confidence in Nigeria’s economy. With the nation’s GDP hitting 0.82% in 2017 and predicted to register a positive trajectory amid strengthening domestic demand, the outlook continues to [...]

0 comment Read Full Article
    World Bank: Cryptocurrencies are basically Ponzi schemes

World Bank: Cryptocurrencies are basically Ponzi schemes

Jim Yong Kim, World Bank president, says cryptocurrencies are like Ponzi schemes.Kim joined other experts who have warned against investing in it.In recent times, Bitcoin, a type of cryptocurrency, has become popular across the world."In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically [...]

0 comment Read Full Article
    Central Bank of Nigeria steals the spotlight in January

Central Bank of Nigeria steals the spotlight in January

Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]

0 comment Read Full Article
    Bitcoin hammered by crackdown fears

Bitcoin hammered by crackdown fears

Bitcoin was the talk across financial markets for all the wrong reasons on Tuesday after prices tumbled sharply to their weakest level since early December at $11,192. Market jitters over South Korea potentially banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin. With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be [...]

0 comment Read Full Article
    Global stocks mixed as holiday mood kicks in

Global stocks mixed as holiday mood kicks in

Global equity markets struggled for direction during Wednesday’s trading session, with investors on the fence as activity continued to decelerate ahead of the upcoming Christmas holiday break. Asian shares concluded on a mixed note on Wednesday as anticipation mounted ahead of a final vote on the US tax bill. In Europe, shares were lacklustre amid the limited appetite for risk and this could trickle back into [...]

0 comment Read Full Article
    BoE keeps rates unchanged

BoE keeps rates unchanged

Sterling offered a fairly muted response during Thursday’s trading session after Bank of England policy makers unanimously voted to leave interest rates unchanged at 0.5% in December. Although inflation in the United Kingdom has jumped to its highest level in almost six years, it seems that the growing uncertainty over Brexit is likely to encourage the central bank to adopt a wait and [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    Global stocks under pressure; Bitcoin hits another record

Global stocks under pressure; Bitcoin hits another record

Global equity bulls were nowhere to be found during Tuesday’s trading session as market players evaluated the possible impact of proposed US tax cuts. World stocks were mostly lower amid a global technology selloff, with the lack of appetite for riskier assets punishing European shares and Wall Street.  Asian markets stumbled lower during early trading on Wednesday, following Wall Street’s overnight decline. With the [...]

0 comment Read Full Article
    INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

INTERVIEW: Nigeria has borrowed enough, says FXTM researcher

Lukman Otunuga, a research analyst at FXTM, says Nigeria has borrowed enough in recent times and could miss the opportunity to bounce back if borrowed funds are not well utilised.The federal government through the Debt Management Office has issued various debt instruments like the Sukuk, Eurobond, savings bond and plans to float a Green bond in December.In an interview with [...]

0 comment Read Full Article
    Heavy hitters give Nigeria the thumbs up

Heavy hitters give Nigeria the thumbs up

October was certainly another positive month for the largest economy in Africa, which has yet again showcased its brawn and resilience on the global stage.Annual inflation eased for the eighth straight month, while encouraging core economic metrics pointed to further signs of economic stability. Rising global oil prices and recovering domestic oil production has positively impacted government revenues and [...]

0 comment Read Full Article
    Nigeria strides into Q4

Nigeria strides into Q4

Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.Annual [...]

0 comment Read Full Article
    Gold struggles to shine as dollar firms

Gold struggles to shine as dollar firms

Gold struggled to hold onto its shine on Tuesday, as the risk-on mood encouraged investors to seek riskier assets, such as equities.The yellow metal dipped to a seven-week low below $1270 during early trading, and it looks like further punishment is in store, as firming US rate hike expectations buoy the US dollar.With prices securing a solid monthly close below the [...]

0 comment Read Full Article
Advertisement

 

Advertisement

Advertisement

Exchange Rates

October 15, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement