Archive for category: Financial News

On Thursday The dollar suffered fresh losses as Asian investors followed their New York counterparts in moving out of the unit, unmoved with the aid of some other interest charge hike and an upbeat evaluation of the world’s pinnacle economy. The fall in the greenback used to be mirrored in a broad sell-off in regional equities as merchants omitted another report finish for the Dow on Wall Street. The dollar was hit by way of selling after the much-anticipated central bank meeting, which supplied Read more [...]

  The Central Bank of Nigeria (CBN) ended overseas alternate (forex) market transactions for the week with $303.9 million, as it previously in the week, offered $210 million to preserve liquidity. This is the 2d week in succession that the apex financial institution passed a $500 million intervention in the past five weeks, jogging on the heels of a disclosure through the CBN Governor, Godwin Emefiele, that the u . s . a . is now sitting atop $38.2 billion reserves’ profile. Consequently, Read more [...]

The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week. the indicative exchange rate for the I & E window, known as the Nigerian Autonomous Foreign Exchange (NAFEX), which gained on the first two trading days, to N359.91/$1 and N359.83/$1, closed the week at N360.41 to the dollar. This represented an appreciation by 16 kobo, compared with the Read more [...]

The CBN injection of over 3.6 billion dollars to meet the demand for overseas trade resulted in the convergence of quotes at the parallel market and the Bureau De Change segments. Since February, CBN has reportedly injected $3.6 billion into the foreign exchange market. Reports bears it that the Naira has preferred by using 30.3 percentage because the Central Bank of Nigeria (CBN) started out its interventions at the overseas change market. The Naira had reached a top at N520 previously in Read more [...]

On Tuesday, Nigeria’s parliament exceeded the government’s 2018-20 spending framework elevating its oil price assumption to $47 from $45 per barrel. The budget framework tasks crude manufacturing of 2.3 million barrels per day for next year. It additionally forecasts Nigeria’s economy will develop 3.5 percentage subsequent year, 4.5 percent in 2019 and 7 percent in 2020. The higher oil rate assumption “should not be overly problematic,” said Standard Chartered’s Razia Khan, given Read more [...]