Saturday, November 17, 2018

Tag "naira"

    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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    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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    Naira stable as CBN holds rates

Naira stable as CBN holds rates

It is interesting how the Naira has witnessed stability against the Dollar after the Nigerian Central Bank kept its monetary policy rate (MPR) unchanged at 14% in July.Signs of easing inflationary pressures in Nigeria present a solid argument for an interest rate cut. However, a rate cut could accelerate capital outflows, especially when considering how the Federal Reserve is expected [...]

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    Reps ask CBN to withdraw mutilated naira notes from circulation

Reps ask CBN to withdraw mutilated naira notes from circulation

The house of representatives has asked the Central Bank of Nigeria (CBN) to commence the immediate withdrawal of all mutilated naira notes from all banks.The house urged the apex bank to replace the mutilated notes — particularly the N100 note — with new ones.The house also mandated the committee on banking and currency to investigate the black-marketing of mint naira [...]

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    Nigeria’s economy under Buhari… for better or worse?

Nigeria’s economy under Buhari… for better or worse?

It is quite thought-provoking how this month marks just over three years since President Muhammadu Buhari secured a historic victory in Nigeria’s state elections.There was a high degree of optimism over Buhari changing Nigeria for the better by reviving economic growth and fighting corruption and insecurity. Much has happened over the past few years under the Buhari regime, with the [...]

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    Naira steady ahead of NFP report, Euro strengthens

Naira steady ahead of NFP report, Euro strengthens

The Naira was steady against the Dollar ahead of the hotly anticipated US jobs report scheduled for release this afternoon.With the pending US jobs report potentially impacting Fed rate hike expectations, emerging market currencies like the Naira could be affected. Solid US jobs report for May that fuels speculation of higher US interest rates this year may spell more pain [...]

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    CBN to bank customers: Reject dirty naira notes

CBN to bank customers: Reject dirty naira notes

The Central Bank of Nigeria (CBN) says customers should demand new naira notes from their respective banks and reject dirty ones.Speaking in an interview with NAN in Lagos on Thursday, Isaac Okorafor, CBN spokesman, said commercial banks are sabotaging its effort in replacing mutilated notes with new ones.The bank made similar claims in February.Okorafor said the apex bank is aware [...]

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    Naira stable as markets tremble over Trump’s Iran decision

Naira stable as markets tremble over Trump’s Iran decision

In a move that dealt a painful blow to global sentiment, President Donald Trump declared on Tuesday that the United States will be pulling out of the “defective” Iran nuclear deal.US stocks ended mixed on the news while oil prices fluctuated in each direction, as investors considered the potential negative ramifications of Trump’s decision. The US president adopted a very [...]

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    ‘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 [...]

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    Naira hits year-high amid CBN’s $210m intervention

Naira hits year-high amid CBN’s $210m intervention

The naira on Monday depreciated to N360 against the dollar at the interbank window, the highest level recorded in 2018.This is despite the $210 million provided by the Central Bank of Nigeria for various segments of the market.The naira had previously exchanged for N359.95 at the interbank window.According to figures made available by the CBN, the apex bank offered $100million [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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