Improved system liquidity to steady rates as CBN staggers mop-ups

The improved system liquidity in the past weeks is expected to continue into the new week and keep rates steady according to an analyst. Money market rates had moderated in recent weeks with liquidity remaining high at above N500 billion, following the strategic intermittent mop-ups by the Central Bank of Nigeria (CBN) And the money […]

Dollar rebounds after hitting three-year low

The dollar enjoyed a small rebound on Monday as investors bought back the currency after its plunge to three-year lows, although analysts said any recovery looked set to be brief with dollar bears still out in force. The U.S. currency has weakened this year as expectations that central banks will start raising interest rates in […]

Naira outlook remains stable as external reserves hit 48-month high of $41.5bn

In line with the trend, the CBN continued its weekly FX interventions last week, injecting $100.0 million on Monday via wholesale SMIS intervention. A total of $55.0 million was auctioned at the Small and Medium Enterprises (SMEs) segment while $55.0 million was sold to satisfy retail invisible demand (Tuition fee, medical payments, and BTA). Thus, […]

Nigerian naira stable at N305.90/$ at official forex window

The Nigerian naira at the inter-bank (official) rate remained unchanged on Wednesday at N305.90 it traded previously. It, however, lost 0.04 percent value at the Investors and Exporters (I&E) FX window. The naira opened the day on the I&E window at N360.06, traded high at N361.50 and eventually closed at N360.37, representing 0.04 percent depreciation […]

Bitcoin, cryptocurrencies bounce back after price crash

The price of bitcoin bounced higher on Wednesday, building on gains from the previous day when it recovered from a drop to its lowest levels in more than two months amid a broad-based selloff of digital assets. Bitcoin was trading at $7,845.50 by 04:23 AM ET (09:23 AM GMT) on the Bitfinex exchange, after falling […]