Analysts at FSDH Merchant Bank Limited have said that Nigeria cannot afford another level of devaluation of the currency, saying this will worsen the nation’s debt position. The total public debt increased to ₦22.71 trillion in the first quarter of 2018 from ₦12.60 trillion in the fourth quarter of 2015, according to the Debt Management […]
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The Naira on Friday firmed up against the dollar at the parallel market, gaining 20 kobo to exchange at ₦359 to the dollar, the News Agency of Nigeria (NAN) reports. The Nigerian currency traded at ₦359.20 at the market on Thursday, while the Pound Sterling and the Euro closed at ₦485 and ₦417, respectively. Trading […]
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After three days consecutive loss, transactions rebounded on the Nigerian Stock Exchange (NSE) on Thursday following gains posted by Dangote Cement. Consequently, crucial market indices rebounded by 0.65 per cent with the market capitalisation rising by ₦88 billion to close at ₦13.672 trillion against ₦13.584 trillion on Wednesday. Also, the NSE All-Share Index inched 244.15 […]
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It is now a swinging time for both Nigerian and Chinese firms as the much-awaited currency swap between their respective countries has finally become a done deal. And with the planned auctions of the Chinese Yuan by the Central Bank of Nigeria (CBN) and the Naira by the People’s Bank of China (PBoC) any time […]
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The $2.5 billion bilateral currency swap deal between Nigeria and China is likely to reduce further the strong demand for the United States dollar and support the naira, analysts at Ecobank Capital have said. The Central Bank of Nigeria early this month signed the deal with the People’s Bank of China, making Nigeria, the third […]
Read More In response to traders’ cries over acute shortage of lower denomination currency notes, the Central Bank of Nigeria (CBN) on Tuesday, kicked off an exercise aimed at flooding the market with ₦100, ₦50, ₦20, ₦10 and ₦5 notes. But the apex bank also warned against hoarding and cloning of the notes as anyone caught in […]
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Struggling Nigeria’s national currency may soon rebound against other world currencies as the UK Export Finance Agency says it would soon add the naira to its list of “pre-approved currencies” for trade transactions. It was reported at the weekend that naira would soon become one of the three West African currencies that UK Export Finance […]
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As the foreign exchange (forex) rates gradually converge at ₦360/$, the Central Bank of Nigeria (CBN) has assured Nigerians that the country would never go back to the era of ₦500/$ again. Its Deputy Governor in charge of Financial System Stability, Dr. Joseph Nnanna, gave the assurance Saturday in Lagos after he was conferred with […]
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The Nigeria’s Central Bank has sold ₦98 billion of treasury securities on Thursday to keep liquidity tight to support the currency, a day after it auctioned ₦133.25 billion of T-bills, traders said. The local naira currency has been stable for more than two weeks, supported by central bank interventions, foreign inflows and tight liquidity on […]
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The Central Bank of Nigeria (CBN), gave the Naira a further lift against other major currencies yesterday with its injection of another $250million into various segments of the inter-bank foreign exchange market on Tuesday just as the naira appreciated against the dollar, trading at ₦364 to $1 at the parallel market. Figures obtained from the […]
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Naira edge up on Thursday as the Central Bank of Nigeria (CBN) injected $297 million into the Retail Secondary Market Intervention Sales (SMIS) segment of the foreign exchange market, raising the total intervention for the week to the sum of $547 million. The intervention boosted its rate as it closed at ₦362 to the dollar […]
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PricewaterhouseCoopers, (PwC) one of the two of the big four consulting firms in the world, says a devaluation of the Nigerian naira will be a key risk to the sustainability of the country’s foreign debt. NEWSTAGE recently reported that the Nigeria Federal Government hires (Ernst & Young) Ey and PwC to recover money in Banks […]
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