Saturday, November 17, 2018

Tag "naira"

    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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    Naira gains, despite consecutive fall in foreign reserves

Naira gains, despite consecutive fall in foreign reserves

The Nigerian naira strengthened slightly at the parallel market, despite fall in the country's foreign reserves.On Friday, the naira appreciated by one point against the dollar, moving from 391 to 390 against the greenback.The British pound lost some ground to the naira to trade at N495, while the euro exchanged for N420.This is happening despite a three-day fall in the [...]

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    Nigeria’s economy remains resilient

Nigeria’s economy remains resilient

Nigeria has displayed some resilience against the ongoing recessionary headwinds in 2017, with domestic data currently suggesting early signs of a potential recovery in economic growth.An appreciation in oil prices at the start of the year and increased oil production domestically have positively impacted the nation, while Central Bank intervention created some form of economic stability. With the solid [...]

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    CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

The Central Bank of Nigeria (CBN) pumped $150 million into the foreign exchange market, via the interbank window, but dealers could only pick up $96.37 million due to fall in dollar demand.CBN also commenced interventions in the new "Investors' & Exporters' FX Window" with the sale of $25 million to customers through authorized dealers.This was disclosed by Isaac Okorafor, the bank's [...]

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    Despite intervention, naira loses more ground to the dollar

Despite intervention, naira loses more ground to the dollar

The Nigerian naira lost more ground to the dollar at the parallel market on Tuesday,  despite intervention of the Central Bank of Nigeria (CBN).Naira traded at 410 to the dollar at the parallel market, from about 405 at the close of business on Monday. The British pound and euro traded at N490 and N430 respectively.At the official side of the [...]

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    After pumping $768m into market, CBN promises more

After pumping $768m into market, CBN promises more

After pumping a total of $768 million into the forex market in one week, the Central Bank Nigeria (CBN) has promised to continue making foreign exchange supply available in the market.On Friday, the CBN auctioned $418 million at the retail-SMIS at a marginal rate of N310/$  for the airline, agriculture, petroleum and raw materials/machineries sub sectors.This was in addition to [...]

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    Despite surge in forex reserves, naira closes week at 405/$1

Despite surge in forex reserves, naira closes week at 405/$1

The Nigerian naira closed trading for the first week in April 2017 at 405 to the greenback at the parallel market, despite surge in foreign exchange reserves.On Monday,  the local currency was trading between 380 and 385 to the dollar at the same market, as the Central Bank of Nigeria (CBN) sought a convergence in foreign exchange rate across all [...]

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    CBN pumps $100m into FX market as reserves rise again

CBN pumps $100m into FX market as reserves rise again

The Central Bank of Nigeria (CBN) offered the sum of $100 million to authorized dealers at the forex auction in the interbank wholesale window, as foreign reserves return to winning ways.According to CBN data, the reserves surged from $30.318 billion on Monday to $30.326 billion, after falling over the past week by a few hundred millions.The reserves moved from $30,348,621,856 [...]

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    IMF hints at fresh devaluation, says naira is overvalued

IMF hints at fresh devaluation, says naira is overvalued

The International Monetary Fund (IMF) says the Nigerian naira is overvalued by about 10 percent to 20 percent. Speaking at a news briefing in Washington on Wednesday, Gene Leon, IMF mission chief for Nigeria, said the Nigerian government has acknowledged the need for reforms, but must implement its reform plans."The Nigerian economy has been hit by lower oil prices and lower production [...]

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    Naira rebounds after week of depreciation, trades at 390

Naira rebounds after week of depreciation, trades at 390

After one week of depreciation, the naira appreciated against the dollar at the parallel market on Tuesday, trading at 390.The nation's currency traded at N380 (buying rate), and N390 (selling rate), stronger than N395 recorded on Monday, while the pound sterling and euro closed at N480 and N415 respectively.At the bureau de change (BDC) window, the naira was sold at [...]

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    CBN injects $240m into FX market, to credit BDCs weekly

CBN injects $240m into FX market, to credit BDCs weekly

The Central Bank of Nigeria (CBN) on Monday flooded the foreign exchange market with $240 million to meet effective demand.The bank released the sum of $90 million to meet requests for invisibles such as travel allowances, medical and school fees.CBN also on the same day, offered a total of $150 million to authorised dealers in the interbank wholesale auction window.According [...]

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    Naira makes U-turn, drops to 385

Naira makes U-turn, drops to 385

After weeks of regaining strength on the foreign exchange market, the naira moved in a reverse direction and dropped, albeit by a small margin, to 385 as against 382 on Thursday morning.However, the tale on the international scene is different, as it rose to 308.05 to a dollar, as against 314.75 in the early hours of the day.At the parallel market, [...]

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    CBN directs BDCs to sell dollars at 362/$1

CBN directs BDCs to sell dollars at 362/$1

The Central Bank of Nigeria (CBN) has directed bureau de change operators (BDCs) to sell the dollar at N362 to  Nigerians in need of it.This directive comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell foreign exchange obtained from it to retail end-users at not more than N360/$1 for invisibles.Isaac Okorafor, the [...]

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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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