The Naira on Monday remained stable at the parallel market.
The Nigerian currency maintained N378 to the dollar at the close of trading on Monday afternoon, keeping same value as at Friday.
Also, the naira maintained N495 to the Pound Sterling, but weakened further against the Euro, exchanging for N415, from N407 posted on Friday at the Bureau de Change (BDC) Segment of the market.
The naira continued a downward slope at the interbank segment of the market, hitting a …
The Monetary Policy Committee (MPC) is set to review recent developments in the global and domestic economy at a crucial two day meeting commencing tomorrow in Abuja.
Topping the agenda for the meeting is the volatility of the naira in the parallel market in the aftermath of the introduction of the flexible forex policy regime, likely interest rate hike, and rising inflation.
Ahead of the meeting, the Central Bank (CBN) has lifted the ban on forex sales to …
Interbank overnight lending rate jumped as high as 40 percent on Friday, well up from 18 percent penultimate week, after the central bank drained naira liquidity from the market to support the currency after it hit a record low, traders said.
Commercial banks were also paying for purchases of foreign currency and treasury bills, traders said, thereby further reducing the amount of naira in the banking system.
The naira hit an all-time low of N331 on Friday, prompting the central …
The naira found relief on the interbank FX market yesterday as it appreciated following the settlement of the one-month forward contracts of $697 million by the Central Bank of Nigeria (CBN).
Specifically, the naira gained N2.45 to close at N307.43 to a dollar yesterday, up from the N310.43 to a dollar it closed the previous day.
Currency dealers attributed the performance of the naira yesterday to an increase in market liquidity as a result of the funding of the forward …
The Central Bank of Nigeria (CBN) has directed agent banks to approved international money transfer operators to sell foreign currency accruing from inward money remittances to licenced Bureau De Change operators (BDCs).
The directive is in a circular with reference number, “TED/FEM/ FPC/GEN/01/004, dated July 22, 2016 and posted on its Website’’.
The circular by the Acting Director, Trade and Exchange Department, Mr W.D. Gotring, is part of efforts to ensure the stability of the naira exchange rate.
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Nigeria’s Minister of Finance, Mrs. Kemi Adeosun has finally admitted what many analysts feared – Nigeria is in a recession.
The Minister while addressing Senators today on state of economy said, “Are we on recession? Technically, Yes, we are.” Mrs. Adeosun dismissed the forecast of the International Monetary Fund that the Nigeria economy was likely to contract by 1.8 per cent this year. “I am not to worried about IMF projections,” she said.
Kemi Adeosun reacting to …
The naira’s free fall has come as a surprise to many stakeholders, who think that the new flexible forex policy introduced by the Central Bank of Nigeria (CBN) would have stabilised the currency.
The forex market swung left and right yesterday, forcing the Naira to drop to new lows in both the official and parallel markets, exchanging at N292.90 and N373 to the dollar respectively at both markets.
The Naira however closed at 292.90 to the dollar on the interbank …