Good news for naira as Goldman Sachs projects sub-N1000/$1 rate
Post AMUGE
April 15, 2024
Business a.m. Goldman Sachs, the prominent international investment bank, recently announced that the Nigerian naira is, indeed, the top-performing currency in April, with its analysts predicting that the Naira could soon dip below the critical N1,000 per dollar mark. In the latest instalment of Goldman Sachs’ comprehensive economic analysis of Nigeria, the investment bank’s team […]
ABCON welcomes CBN move against domiciliary account collateral for naira loans
Post AMUGEApril 15, 2024
Business a.m. The recent move by the Central Bank of Nigeria (CBN) to ban the use of non-export domiciliary accounts as collateral for naira loans has received a positive nod from the Association of Bureaux De Change Operators of Nigeria (ABCON). Aminu Gwadabe, president of ABCON, said the directive will have a positive effect on […]
Stronger dollar prolongs recovery for emerging markets currencies
Post AMUGEMarch 19, 2024
Nigeria’s Naira in pit for much longer PHILLIP ISAKPA IN LONDON, UK Unfolding economic dynamics in the United States that have primed the dollar to be stronger will ricochet in many emerging markets (EMs) potentially lengthening the recovery timeline of their currencies, a global market analyst and asset management firm, deVere Group has projected. Pressure […]
CBN working on true price discovery of undervalued naira,Cardoso assures
Post AMUGEJanuary 24, 2024
Business a.m Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN) has acknowledged that the naira is currently undervalued,assuring that the bank will prioritise real price discovery in the foreign exchange market in 2024, with the goal of establishing a more accurate and fair exchange rate for the Nigerian currency . Cardosos stated […]
Nigerian money supply drops to N71.33trn in November-CBN
Post AMUGEJanuary 22, 2024
Cynthia Ezekwe The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s total money supply declined to N71.33 trillion in November 2023, a decrease of 1.83 per cent or N1.33 trillion from N72.66 trillion reported in October 2023. The term “money supply” or “M2” refers to the total amount of money available in the economy, […]
JPMorgan strategists say retail investors have outperformed institutional investors in Bitcoin investment
Charles AmugeMarch 17, 2021
Charles Abuede JP Morgan Chase’s research strategists have revealed that retail investors have purchased more Bitcoins than institutional traders. They said the increased influence of retail traders comes as a result of stimulus payouts and the current craze around the NFT. The research strategists, in a report, posted that over 187,000 Bitcoin have been […]
Dollar slump puts investors on edge about its status as world’s reserve currency
Businessam StaffAugust 5, 2020
Some investors are worried the U.S. response to the coronavirus pandemic is dealing a body blow to the dollar, potentially accelerating what has so far been a slow erosion in the greenback’s status as the world’s dominant reserve currency. Investors and analysts, including billionaire hedge fund manager Ray Dalio and Goldman Sachs Group strategists, are […]
Access Bank hits N1bn in digital lending daily
Businessam StaffOctober 15, 2019
Access Bank Plc. has hit one billion naira daily in loan value through its expanded digital lending portfolio. Victor Etuokwu, the bank’s executive director, retail banking, stated this in Lagos on Tuesday. Etuokwu said its expanded digital lending portfolio, which gives Nigerians quick and 24/7 access to funds for emergencies without any collateral, had recorded […]
Dollar rises after U.S. jobs come out better than worst expectations
Businessam StaffOctober 4, 2019
The dollar rose on Friday after three straight days of losses, as investors took comfort in a U.S. non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared. The greenback hit session highs against the yen and euro, following the jobs report after trading lower for most […]
Union Bank secures US$200m in OPIC Funding for SMEs, Women’s initiatives
Omobayo AzeezOctober 3, 2019
By Omobayo Azeez Union Bank of Nigeria Plc has secured US$200 million in funding in agreement with Overseas Private Investment Corporation (OPI”), the U.S. government’s development finance institution to empower Small and Medium Enterprises (SMEs) and women business initiatives in Nigeria. The bank disclosed this through corporate disclosure at the Nigerian Stock Exchange (NSE), adding […]