Wednesday, September 19, 2018

Tag "naira"

    Budget 2018: The good, the bad, and the logic of servicing debt with debt

Budget 2018: The good, the bad, and the logic of servicing debt with debt

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 [...]

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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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    Dollar ‘scarce’ as naira falls to N367/$

Dollar ‘scarce’ as naira falls to N367/$

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 [...]

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    Naira appreciates against dollar, trades at N364/$1

Naira appreciates against dollar, trades at N364/$1

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 [...]

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    PwC: Naira devaluation is a risk to Nigeria’s external debt

PwC: Naira devaluation is a risk to Nigeria’s external debt

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 [...]

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    Nigeria down to two exchange rates — ‘naira devaluation needed to make it one’

Nigeria down to two exchange rates — ‘naira devaluation needed to make it one’

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 [...]

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    With $462m, CBN committed to NAFEX, BDC rate convergence

With $462m, CBN committed to NAFEX, BDC rate convergence

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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    Naira gains, NSE jumps by N577bn after CBN rate decision

Naira gains, NSE jumps by N577bn after CBN rate decision

The Nigerian Stock Exchange (NSE) continued its rally on Wednesday following the decision of the Central Bank of Nigeria (CBN) monetary policy committee (MPC) to hold key interest rate at 14 percent for 12 months running.On Tuesday, Godwin Emefiele, the governor of the bank, announced that the committee decided to "retain the MPR at 14 per cent, CRR at 22.5 [...]

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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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    Naira hits 2017 best but stock exchange loses N81 billion

Naira hits 2017 best but stock exchange loses N81 billion

The Nigerian naira continued on a gaining streak to hit its best point in 2017 as the Nigerian Stock Exchange (NSE)’s two-week bullish trend was halted on Tuesday.The naira appreciated to as much as N362 per dollar at the parallel market -- its best position in 2017, after opening at 490 in January.On the official side of the market, the [...]

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    CBN injects $190m, unveils fresh rules to liberalise forex market

CBN injects $190m, unveils fresh rules to liberalise forex market

The Central Bank of Nigeria (CBN) on Monday further liberalised the foreign exchange market by unveiling fresh regulations for a more open market.According to a circular signed by Alvan Ikoku, director, financial markets department, the CBN now allows authorized dealers to sell their excess foreign currency trading positions to other authorized dealers without seeking prior approval from the CBN.The bank [...]

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    Naira firms as NSE gains N417bn in six hours — crosses N11trn

Naira firms as NSE gains N417bn in six hours — crosses N11trn

The Nigerian naira appreciated against the dollar on Monday as the Nigerian Stock Exchange (NSE) maintained a bullish run -- which has been on for nearly a month.NSE gained 417 billion on Monday as the market capitalisation crossed the N11 trillion mark for the first time in 2017.The market, which closed at N10,845,347,307,117.93 on Friday, appreciated to N11,262,526,136,498.84 within the [...]

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    Despite falling reserves, CBN injects $482.6m into forex market

Despite falling reserves, CBN injects $482.6m into forex market

The Central Bank of Nigeria (CBN) on Tuesday intervened in the inter-bank market to the tune of $482.6 million in the first trading day after the democracy day celebrations.This is coming at a time when the country's reserves is experiencing a steady and gradual decline.A statement issued by Isaac Okorafor, acting director, CBN corporate communications, in Abuja said that this [...]

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    FX market gets fresh $255m as CBN seeks rate convergence

FX market gets fresh $255m as CBN seeks rate convergence

Ahead of the outcome of the ongoing monetary policy committee (MPC) meeting in Abuja, the Central Bank of Nigeria (CBN) again injected over $255 million in to the foreign exchange market. The action, which traders regarded as a "another massive intervention" is aimed at driving the CBN's goal of rate convergence, which experts say the MPC is seriously deliberating.The intervention shows [...]

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    Ex-CBN deputy gov: Naira was accepted in UK, Saudi — but now Benin Republic rejects it

Ex-CBN deputy gov: Naira was accepted in UK, Saudi — but now Benin Republic rejects it

Obadiah Mailafia, a former deputy governor of Central Bank of Nigeria (CBN), says the naira -- which was accepted in London and Saudi Arabia years ago -- is not even accepted in Benin Republic anymore.In an interview with NAN in Abuja on Monday, Mailafia advised Nigerians against dollarisation of the naira.Dollarisation is a situation where a country, either officially [...]

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    Naira stable as forex reserves continue on 5-day free fall

Naira stable as forex reserves continue on 5-day free fall

The Nigerian naira remained stable at the parallel market on Monday, despite a continuous fall  in the country's foreign exchange reserves.Foreign exchange reserves which has seen a boost in 2017, due to the rise in crude oil prices, has been on a free-fall for five consecutive days.According to CBN figures available on Monday, the reserves stood at $30,911,121,646, falling from $30,988,403,724, [...]

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Exchange Rates

September 18, 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.
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