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Currency Watch
Firms expect naira to appreciate by 55.7 index points next 12 months
Nigerian firms surveyed by the statistics department of the Central Bank of Nigeria (CBN) expect naira to appreciate by 55.7 index points in the next 12 months.
The March 2019 Business…
Naira closes at N360.13/$ at investors’ window
The naira on Tuesday exchanged at N360.13 to the dollar at the investors’ window as market turnover stood at $277.11 million.
At the parallel market in Lagos, the naira remained stable,…
More businesses cry out after BusinessDay article exposes FX scheme
When Charles Azubike (not real name) and his team did the costing for an international donor-funded community project, it was premised on the prevailing foreign exchange rate of N360 per US…
The curious case of the CBN’s long-standing N306/$ rate
The Central Bank of Nigeria’s N306 exchange rate is useless to businesses and households, yet it has remained for the third year running.
Every market player, from commercial banks to…
Naira outlook remains strong in coming months
The nation’s currency is seen trading strong in the coming months following the continued interventions of the Central Bank of Nigeria (CBN) in the foreign exchange market.
After its…
Currency outside banks rises to N2.2trn
Currency outside the banking system grew in the fourth quarter of 2017, leading to 21.1 percent increase in currency in circulation to N2.2 trillion.
The Central Bank of Nigeria (CBN)…
Further rates convergence expected in forex market
Currency dealers, analysts and other stakeholders in the financial services sector expect more convergence of rates in the foreign exchange market for sustained naira gains and confidence in…
Nigeria to sell 140 bln naira bonds on June 21 – debt office
Nigeria plans to auction 140 billion naira ($460 million) in bonds on June 21, the Debt Management Office said on Friday.
The debt office will sell 40 billion naira of bonds due in 2021 and…
Naira to strengthen further as CBN injects $413.5m into forex market
The naira is expected to firm further against foreign currencies following the interventions of the Central Bank of Nigeria (CBN) in the interbank foreign exchange market to the tune of…
BDCs want CBN to review dollar-buying rate to sustain naira gains
Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) to review retail dollar rate and enhance security at the borders to guard against…