Nigeria SEC issues warning against online retail forex trading
Adesola Afolabi
October 24, 2018
The Securities and Exchange Commission (SEC) has issued a warning against engaging in the retail sale and purchase of foreign exchange (forex) online as it may be subject to abuse. SEC noted that its attention has been drawn to increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex […]
FDC projects 60% probability on MPC to keeping rates
Adesola AfolabiSeptember 10, 2018
Research analysts at Financial Derivative Company (FDC) say there is a 60 percent probability rate for the Central Bank of Nigeria monetary policy committee (MPC) to keep rates. Their projection is based on current money supply growth, which according to them, has remained below the CBN target of 10.84 percent, tempered by sterilization via cash […]
Central bank of Nigeria injects $331.4 m into currency market
Businessam StaffJune 2, 2018
Nigeria’s central bank said Friday it had injected $331.41 million into the interbank foreign exchange market, continuing its efforts to boost liquidity and alleviate dollar shortages. The bank said the funds were allocated to companies in the agricultural, airline, petroleum and machinery sectors. The central bank is “buoyant enough to meet the foreign exchange requests […]
Nigeria’s foreign reserves increase, hit $47bn
Businessam StaffApril 9, 2018
Nigeria’s foreign reserves have continued to grow significantly with latest figures by the Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5. The new figures rose from about $46.2 billion realised at the end of March. Godwin Emefiele, the CBN Governor, announced the new balance in the reserves on Monday at […]
Nigeria’s central bank boosts foreign exchange market with $335.43m
Businessam StaffMarch 10, 2018
The Central Bank of Nigeria (CBN) Friday boosted into the Retail Secondary Market Intervention Sales (SMIS) with the sum of $335.43 million to guarantee liquidity in the market. Figures obtained from the CBN revealed that the intervention was to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors. Isaac Okorafor […]
Nigeria’s FX reserves up 10% in November- CBN
Businessam StaffDecember 30, 2017
Nigeria’s foreign exchange reserves stood at $37.92 billion as of Dec. 22, up 10.1 percent from a month earlier, central bank data showed on Friday. The government raised $3 billion in Eurobonds in November. Nigeria’s forex buffer has climbed nearly 50 percent since last December but is still far off a peak of $64 billion […]
Nigeria central bank injects $210m into forex market
Businessam StaffDecember 13, 2017
Nigeria’s central bank said Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses […]
Nigeria’s central bank injects $195m into forex market
Businessam StaffNovember 25, 2017
Nigeria’s central bank said it had injected $287.89 million into currency market on Friday to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages. The four industries targeted are agriculture, airlines, petroleum and raw materials, the Central Bank of Nigeria said in a statement. The central bank said it […]
China’s FX regulator denies U.S. dollar withdrawal limits
Businessam StaffSeptember 12, 2017
China’s foreign exchange regulator has not modified rules on withdrawals of foreign exchange by individuals, the regulator said on Tuesday, following media reports that it had capped the frequency of U.S. dollar withdrawals at two each week. “We have not released any new rules recently regarding domestic cash withdrawals of foreign currency by individuals,” the […]
Nigeria naira outlook positive this week on 5.1% rise in FX reserve levels, CBN interventions
Businessam StaffSeptember 4, 2017
The Nigerian naira is projected to trade positive this week on growing reserves and central bank continued intervention, according to Ecobank Research analysts. At close of trade last week, the naira at N353.4/$ strengthened against the U.S dollar, a development, analysts at Ecobank Research say would continue this week. Specifically, the Nigerian naira strengthened 0.6 […]