Saturday, June 15, 2019

Tag "naira"

    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

2 comments Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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, [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

2 comments Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
    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 [...]

0 comment Read Full Article
Advertisement

Advertisement

Advertisement

Exchange Rates

June 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement