Naira Appreciates To N359 Against Dollar

The Naira on Thursday liked to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex. The indicative alternate fee for the I & E Forex Window, recognized as Nigerian Autonomous Foreign Exchange, NAFEX, liked to N359.56 per dollar. It jumped from Wednesday’s market charge which stood at N360.70 per dollar. This shows an appreciation of N1.14 kobo in the fee of the neighborhood currency. Meanwhile, the extent of dollars traded in the window, yesterday, used Read more [...]

CBN Injects $195 million Into To The Forex Market

The financial organization of African nation (CBN), Monday, continuing its intervention within the inter-bank interchange market with the injection of $195m. Figures discharged by the CBN show that it offered the whole add of $100million to the wholesale section, whereas the tiny and Medium Enterprises (SMEs) section received the add of $50 million. The invisible section, comprising tuition fees, medical payments and Basic allowance (BTA), among others, received $45 million. Confirming the Read more [...]

$9Billion Has Been Used By FG To Defend Naira

The Senate on Tuesday said the sum of $9 billion had been spent by using the federal authorities to shield the naira. It expressed fear that only 10 per cent of the N7.4 trillion 2017 finances has so a long way been applied barely three months to the stop of the year. Senator Yahaya Abdullahi (APC, Kebbi) who sponsored a motion on stabilising and sustaining publish recession increase of the economy, argued that the level of concord between the fiscal and monetary policies of government remained Read more [...]

Naira Sells At N364 Per Dollar As MPC Holds Rate

The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee meeting of the Central Bank of Nigeria fixed benchmark interest rate at 14 per cent. The News Agency of Nigeria reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters. The CBN Governor, Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction. The Read more [...]

FX Window Records $1.323Billion Transactions In One Week

In a pointer to increasing confidence in Nigeria’s money market, interchange mercantilism at the Investors’ and Exporters’ (I &E) window notched a serious milestone once total market turnover rose to $1.323 billion in barely one week, mercantilism results from the FMDQ over-the-counter Securities Exchange showed at the weekend. Total trade worth for the week was a marked improvement, compared to the $803.1 million recorded within the preceding week. The surge in activities at Read more [...]

Nigeria Currency (Naira) Is Anticipated To Alternate Little Changed

The Nigerian Currency (Naira) is predicted to alternate little changed subsequent week as investors look ahead to the central bank’s decision on interest charge on Tuesday, which may want to have an effect on portfolio inflows and forex market liquidity. The Naira traded at round 360 to the greenback on Thursday for investors, who have been offering to sell the U.S. foreign money at 365 Naira, close to the black market charge of 367. On the respectable market, the Naira is quoted at 306, Read more [...]

Nigeria Currency (Naira) Seem To Depreciates Marginally Against Dollar

On Thursday the Nigeria Currency (Naira) depreciated marginally towards the dollar at the parallel market, replacing at N365.5 to the dollar. The News Agency of Nigeria (NAN) reviews that the Nigerian currency lost 50 kobo from N365 posted on Wednesday, whilst the Pound Sterling and the Euro closed at N487 and N436. At the Bureau De Change (BDC) window, the Naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N487 and N436. NOTE THE FOLLOWING: Trading Read more [...]

Naira To Take Cue From MPC Choice Next Tuesday

The Naira is anticipated to trade little alternate towards the United States dollar next week as investors watch for the Central Bank of Nigeria’s Monetary Policy Committee choice on pastime fee on Tuesday. After its two-day bi-monthly assembly held on Monday and Tuesday, the CBN Governor, Mr. Godwin Emefiele, said the committee would announce its coverage selections on September 26. Although Bloomberg survey confirmed that the policymakers would leave all the key economic policy units unchanged, Read more [...]

Oil Fee Rises To $57 Per Barrel

Oil prices rose on Wednesday in spite of a upward shove in US crude inventories with the market heading for its biggest third quarter gain in 13 years after the Iraqi oil minister said OPEC and its companions were thinking about extending or deepening output cuts. Brent crude futures rose to 56.20 greenbacks a barrel by 12:19 p.m. EDT (1619 GMT), while U.S. West Texas Intermediate crude futures received ninety one cents, or 1.8 per cent, to 50.39 dollars. Crude costs have been on path for a Read more [...]

Nigeria Currency (Naira) Closes At 365 Per Pollar Despite CBN Interventions

The Naira closed at 365 per United States dollar at the parallel market on Wednesday, the same charge it closed on Tuesday. This used to be regardless of the Central Bank of Nigeria’s injection of $250m in the foreign alternate market on Tuesday. The Naira had traded flat at 365/dollar on Monday, having closed at 365/dollar on Friday. The Federal Government had declared Friday and Monday public holidays. The CBN injected $250m into the a number segments of the inter-bank overseas alternate Read more [...]