Business

Naira gains over Pound, Euro at parallel market

Ihesiulo Grace 24 November 2017 0

The Naira, at the end of Thursday’s foreign exchange trading activities, appreciated slightly against the Pound Sterling and Euro at the closing rates of 475 compared to 476 exchanged on Wednesday and 425 against 426 sold per Euro on the same period at the parallel market. Although, the local

Business News Top Stories

MPC retains lending rate at 14% to consolidate forex gains, macro-economic reforms

Ihesiulo Grace 22 November 2017 0

In an effort to consolidate on the mileage recorded by the nation’s economy and deepen its impact, members of the Monetary Policy Committee( MPC) of the Central Bank of Nigeria(CBN), on Tuesday, voted to retain the monetary rate at the end of its meeting for 2017. Consequently, the MPC retained the Monetary Policy Rate (MPR) […]

Business

Forex market value hits $13.86bn in October- FMDQ

Ihesiulo Grace 17 November 2017 0

Total transactions in the foreign exchange market in October has settled at $13.86 billion, represented a decline of 1.23 per cent or $0.17bn from $14.04bn recorded in September this year, latest monthly Financial Market Dealers Quotations (FMDQ) OTC Securities Exchange report has revealed. The FMDQ report for the month of October showed that the Naira […]

Business Top Stories

Naira gains over euro as CBN lifts forex market with $195m

Ihesiulo Grace 2 November 2017 0

FG raises N100bn through T-Bills The Nigerian currency, Naira, on Wednesday, appreciated by two points against the Euro, to close at 423 against 425 traded on Tuesday, while the official foreign exchange market remained liquid, as the Central Bank of Nigeria (CBN), within the week, injected total sum of $195 million to meet demand for […]

Business Economy

Nigeria forex reserves regain 2-1/2 year high of $31.6 bn, CBN data shows

Ihesiulo Grace 31 August 2017 0

Nigeria’s foreign exchange reserves stood at a two and a half-year high of $31.59 billion as of August 18, according to central bank data Thursday. Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, the data showed, shortly before general elections in Africa’s biggest economy. According to report by […]

Business News

CBN strengthens FOREX market with $195m

Ihesiulo Grace 8 August 2017 0

The Central Bank of Nigeria (CBN) on Monday, boosted the FOREX market by offering a total of $195m in the three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of […]

Business

New forex policy drying up currency in circulation – Survey

Ihesiulo Grace 28 February 2017 0

…Pressure on Naira may extend to last quarter Newly introduced forex policy by the Central Bank of Nigeria (CBN) has been tipped as strengthened liquidity freeze, hence financial institutions find it difficult to match Dollar for Naira following forex auction. The report reflected that where CBN is the main supplier of FX in the market, […]

Business Features

Restoring sanity in forex market to boost investor confidence

Ihesiulo Grace 28 February 2017 0

There is no gainsaying the positive effects the Central Bank of Nigeria (CBN) foreign exchange (FOREX) adjustment has had on the value of the Naira at the parallel market, as well as boosting foreign inflows into the country, MOTOLANI OSENI examines the effects of the measures on the foreign exchange market. Business operators and industry […]

Business News Nigeria

CBN’s $200m FX auction raises interbank lending rate

Ihesiulo Grace 24 February 2017 0

….As yields on short to midterm bonds advance As the Central Bank of Nigeria (CBN) advances towards implementing its new forex policy to ease volatility in forex market, auction of $200 million by the apex bank regulator Thursday triggered remarkable rise on the interbank lending rate. The auction by the CBN which further reduced system […]

Business Top Stories

BREAKING: CBN to Give Banks $20million FOREX Weekly

Ihesiulo Grace 18 February 2017 Post a comment

In apparent response to recent outcry over the hardships encountered by the business community in sourcing foreign exchange for transactions, the Central Bank of Nigeria CBN has agreed to release $20 million weekly to selected 20 banks. The body has also fixed Monday, the 20th of February for the effective takeoff of the new policy […]

Business Money

Naira drops to N500/$ at parallel market

Ihesiulo Grace 8 February 2017 0

The naira on Wednesday depreciated again to 500 per dollar.  At the close of the market, the value of the local currency which had appreciated to N498 to the dollar on Tuesday exchanged between 499 or 500 to a dollar at the parallel market.   The naira, however, remained stable at N305.25 to the dollar on the interbank […]