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Monday, September 21, 2020

Analysts estimate $1.8 billion pent up demand as investors seek Nigerian exit over looming recession

ABUJA, Sept 2 Analysts estimate there is pent up demand of between $1.5 billion and $1.8 billon from investors looking to exit Nigeria, whose economy faces recession in the third quarter. The central bank has gradually restarted dollar sales after it halted supplies following a...

Nigeria’s Merchandise Trade Plunge in Q2 2020 Due to Sharp Drop in Exports

Key Highlights: Total Trade The value of total trade fell sharply by 27.30% in Q2, 2020 compared to Q1, 2020 and 27.46% compared to Q2, 2019 Imports: The value of total imports dropped by 10.69% in Q2, 2020 against the level recorded in Q1,2020...

Bank of America bearish on naira at 451/$, on 15% overvaluation with 3.5% recession…

By Ruth Olurounbi 13.2% inflation and current account deficit of 3.9% of GDP Nigeria's currency is in the grip of tough external pressure, with internal foreign exchange shortages, and black market rates that have hit 475 naira to the dollar. Nigeria’s current foreign exchange pressure that is...

CBN’s $13 million new capital rules for mobile money licences could deter new entrants to Nigeria’s financial sector

by Chijioke Ohuocha 3 Min Read ABUJA, Aug 31 - Nigeria’s central bank said it will grant more licences for payment service banks but set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital...

Nigeria naira slumps to N435 on black market on plans to sell FX to currency operators

By Chijioke Ohuocha ABUJA, Sept 1 - The Nigerian currency firmed sharply on the black market on Tuesday, gaining 9.65% to 435 naira against the U.S. dollar, traders said, citing the central bank’s plan to restart forex sales to bureaux de change. The central bank...

Investors exit Nigeria as foreign capital imports sink 79% in second quarter, economy shrinks

ABUJA - Nigeria’s capital imports plunged 78.6% in the second quarter year-on-year to $1.295 billion, the statistics office said, as lower oil prices push Africa’s largest economy towards recession. Nigeria, Africa’s top oil exporter, has suffered its worst crisis in decades as low oil prices...

Nigeria naira eases 1.3% after plans to sell FX to currency operators

ABUJA, Aug 28 - The Nigerian naira eased 1.3% against the U.S. dollar on the official market on Friday, a day after the central bank said it planned to resume forex sales to retail currency operators as the country reopens its airports for...

UPDATED: Nigeria might fall into recession in Q3 as virus takes toll, budget office says

By Felix Onuah ABUJA, Aug 27 - Nigeria might fall into recession in the third quarter, the head of the country’s budget office said on Thursday, citing the impact of low oil prices and the coronavirus pandemic on Africa’s largest economy. The continent’s top...

Consolidation possible, but no new banking crisis in Nigeria, says Fitch’s Dissanayake

A combination of the oil price decline and Covid-19 has prompted international rating agency Fitch to downgrade Nigeria’s banking sector to negative but the medium-term outlook is relatively stable, says Mahin Dissanayake, senior director, banks, Africa and the Middle East, Fitch. Interview by Rafiq...

Nigeria cocoa output to see 20% drop for 2020/21 amid virus, dry weather surge

ABUJA, Aug 26 - Nigerian cocoa output is likely to drop by at least 20% this season as measures aimed at curbing the spread of the novel coronavirus and drier weather increase the chances of a poor harvest, the president of the cocoa...
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