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Lagos, South Africa and New York
Sunday, August 9, 2020

Naira gains two points against dollar

The Naira on Monday appreciated against the dollar at the parallel market, Naija247news reports. The Nigerian currency gained two points to exchange at N365 to the dollar, stronger than N367 it traded on Friday, while the pound sterling and the Euro closed at N465 and...

WEEKAHEAD-FX: Naira seen depreciating on black market over summer hols dollar demand

The Nigerian naira is seen depreciating marginally on the black market in the days ahead on an expected increase in dollar demand by small businesses and people planning for summer holidays. The local currency was quoted at 370 to the dollar on the black market...

CBN lifts Forex market with $195m

The Central Bank of Nigeria (CBN), on Wednesday, the first day of transaction after the Eid-el-Fitr celebration, intervened in various segments of the inter-bank market to the tune of $195m. A breakdown of Wednesday’s intervention indicates that authorized dealers in the wholesale window segment...

CBN’s intervention in forex market temporal – Prof. Nwaekeaku

Prof. Charles Nwaekeaku of Nassarawa State University, says the Central Bank of Nigeria’s (CBN) interventions in the Foreign Exchange Market (FOREX) is a temporary relief. Nwaekeaku, a lecturer at the Pubic Administration Department, told the News Agency of Nigeria (NAN) in Abuja that CBN might...

Dollar falls on doubts over U.S. rate hikes

By Richard Leong | NEW YORK The dollar fell against a basket of major currencies on Friday, on track for its biggest single-day drop in three weeks, on persistent doubts whether the Federal Reserve would raise interest rates again this year due to softening inflation...

Nigerian interbank rate eases on cash refund on bills and forex

By Oludare Mayowa LAGOS, June 23 - Nigeria's interbank rate eased to around eight percent on Friday from 15 percent last week after the central bank repaid 152.6 billion naira ($500.57 million) in matured debt and paid refunds to banks for their forex cash...

Nigeria’s Currency Futures Trading Volume Wanes as FX Rates Converge

The volume of trade in the Nigerian currency futures market has dropped dramatically since the CBN came up with the investor FX rate window and as the various FX rates tend to converge around N370/$. Currently, the NAFEX rate is about N368/$, most of...

Nigerian exchange bureau head urges rate unification

By Oludare Mayowa LAGOS  - Nigeria's central bank must step up efforts to unify the country's multiple exchange rates to sustain gains in the local currency over the last few months, the head of the country's exchange bureaus said. Africa's biggest economy has at least six...

WEEKAHEAD-AFRICA-FX: Naira seen trading within prevailing band as CBN impacts dollar liquidity

Lagos Nigeria, June 8  - The Nigerian naira is seen trading within the prevailing band in coming days at both the official interbank window and black market after the central bank regular intervention policy impacted positively on dollar liquidity in the market. The local currency...

Nigeria to raise 236.6 bln naira in short-dated debt note

LAGOS, June 7  - Nigeria plans to sell 236.66 billion naira ($777.1 million) of short-dated treasury bills at an auction on June 14, the central bank said on Wednesday. The bank said it plans to sell 39 billion naira of three-month debt, 23.02 billion of...
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