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 [...]
Tag "naira"
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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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
The Naira has remained stable against the Dollar for the week of April 16, supported by central bank intervention in the foreign exchange (Forex) market and rising commodity prices. The Central Bank of Nigeria (CBN) on Tuesday injected $210 million into the Forex market, “to enable market operators meet the requests of customers.” The apex bank had on April 10, injected $210 [...]
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 [...]
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