Saturday, March 21, 2020

Tag "naira"

    IT’S OFFICIAL: Naira to now trade at N380/$

IT’S OFFICIAL: Naira to now trade at N380/$

The Central Bank of Nigeria (CBN) has directed that bureaux de change operators in the country must not sell dollars higher than N380 to end users. This is compared to the previous N360/$ exchange rate that was adopted in 2016. This is contained in a memo signed by O.S. Nnaji, director of the apex bank's trade and exchange department. The memo was addressed [...]

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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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    How CBN rate cut is likely to affect the naira

How CBN rate cut is likely to affect the naira

Analysts and market-watchers were, in no doubt, shocked when the monetary policy committee of the Central Bank of Nigeria announced its decision to cut interest rate by 0.5% on Tuesday. After keeping the monetary policy rate at 14% for two years, the committee said it was time to signal a new direction that would be "pro-growth". While some analysts have said the [...]

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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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    Nigeria’s foreign reserves fall by $2.2bn in Oct — biggest monthly drop since 2015

Nigeria’s foreign reserves fall by $2.2bn in Oct — biggest monthly drop since 2015

Defending the naira has become more expensive as Nigeria's foreign reserves declined by $2.2 billion in October 2018 alone -- the largest monthly drop since 2015. Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018. The country's foreign [...]

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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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    DEFENDING NAIRA: Foreign reserves fall by $2.1bn in 30 days

DEFENDING NAIRA: Foreign reserves fall by $2.1bn in 30 days

Nigeria's foreign exchange reserves have declined by $2.15 billion in the last 30 days, as the Central Bank of Nigeria (CBN) position itself in defence of the naira. Since the United States Federal Reserves raised interest rates on September 26, 2018, the Nigerian reserves have dropped by $1,541,891,539, as investors continue voting their monies out of the Nigerian economy. The reserves moved [...]

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    Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves. Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment. "We are going to need to build buffers but unfortunately I must say that we are [...]

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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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    Naira threatened by external factors

Naira threatened by external factors

External influences may impact the Naira this week, with investors keeping a very close eye on any further - turmoil with emerging market currencies after a very troubled past couple of weeks. The Naira may take some guidance from how investors view emerging markets generally, with particular attention being paid towards how the Lira reacts to the latest Turkish GDP reading [...]

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    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 [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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