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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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 [...]
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 [...]
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 [...]
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 $100million [...]
The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]
The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]
The naira traded at N307 to the dollar on Monday for the first time ever, information made available on the Central Bank of Nigeria's website has shown.Before now, the CBN kept the naira stable at N305 and provided forex for various sectors of the economy to ease the pressure on the naira.A year ago, the CBN rate was N197.At present, [...]
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 [...]
On Tuesday, President Muhammadu Buhari presented his third national budget since he became president. It was reminiscent of his previous ones, but had very fine subtle messages for Nigerians, international spectators and investors.By this time in the life of the administration of President Goodluck Jonathan, his minister of finance, Ngozi Okonjo-Iweala had already taken over budget presentations. President Buhari is [...]
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 [...]
The value of the naira against the dollar is declining as bureaux de change operators say the US currency is getting scarce in the parallel market.This is despite several efforts made by the Central Bank of Nigeria (CBN) to stabilise the naira by providing forex to various sections of the market.On Tuesday, the naira traded at N366 to a dollar and [...]
The naira on Tuesday appreciated against the dollar, trading at N364 to $1 at the parallel market.The Nigerian currency gained N1, stronger than N365 posted on Friday, while the pound sterling and the euro closed at N470 and N430.Trading at the bureau de change (BDC) window saw the naira closing at N362 to the dollar, while the pound sterling and [...]
PricewaterhouseCoopers, one of the big four consulting firms in the world, says a devaluation of the Nigerian naira will be a key risk to the sustainability of the country's foreign debt.In its recent report, "Nigeria’s refinancing plan: Impact on debt sustainability is likely to be modest", PwC said the new refinancing plan by the federal executive council is expected to [...]
Nigeria is finally down to what seems likes just two exchange rates; one is the official central bank rate of 305 per dollar, while the other is between 360 to 365 at the interbank and parallel market.Monetary policy officials unified some of their multiple exchange rates as they directed currency dealers to quote naira levels used in actual trades for [...]
The Central Bank of Nigeria (CBN) says it remains committed to the convergence of rates between the bureau de change and Nigeria Autonomous Foreign Exchange (NAFEX).In line with its commitment to sustain and deepen flexibility in the foreign exchange market to further enhance foreign exchange flow in the economy, the bank on Friday, intervened in the inter-bank Foreign Exchange Market with [...]
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