Dollar up on solid US August jobs report; trade tensions lurk
Afolabi Oluwaseun
September 10, 2018
The U.S. dollar rose against a basket of other currencies on Friday, as U.S. job growth surged in August, but investor concerns about a possible escalation of the U.S.-Chinese trade conflict held gains in check. Nonfarm payrolls surged by 201,000 jobs last month, the U.S. Labor Department said on Friday. Average hourly earnings increased 0.4 […]
Dollar bulls take a break as greenback tumbles to two-week low
Businessam StaffJuly 26, 2018
The United States dollar tumbled to a two-week low against a basket of major currencies late Wednesday after the US and the European Union agreed on steps to de-escalate trade tensions. The downside was complimented by disappointing new homes sales data from the United States, which encouraged sellers to attack. There is also a suspicion […]
Inter-bank market rates dip 0.02% on low trading activity
Adesola AfolabiJuly 24, 2018
The Nigerian Inter-bank currency market rate closed Tuesday at N305.90, representing a 0.02 percent depreciation against closing price at previous sessions as activity remained low with quotes ranging between N305.35/$ and N306.35/$ At the Investors and Exporters (I&E) foreign exchange window the dollar opened at N361.85, traded high at N363.00 and eventually closed at N361.68, […]
CBN flags off SMIS in Chinese Yuan
Businessam StaffJuly 20, 2018
The Central Bank of Nigeria (CBN) Friday, July 20, 2018, flagged off its intervention in the sale of foreign exchange in Chinese Yuan, signaling the consummation of the bilateral currency swap agreement (BCSA) signed with the People’s Bank of China (PBoC) in April. According to a statement, the CBN disclosed that the sales would be […]
Turnover at Nigeria’s fixed income, currency market grossed N17.23trn in June
Adesola AfolabiJuly 18, 2018
Turnover in the fixed income and currency (FIC) market for the month ended June 30, 2018 grossed an all-time high of N17.23 trillion, data from the Financial Market Dealers Quote (FMDQ) has shown. The turnover is a 20.53 percent or N2.93 trillion month-on-month (m-o-m) increase and a 36.49 percent (N4.61trn) year-on-year (y-o-y) increase on the […]
Nigeria’s naira down 0.28% at parallel market as CBN mops up N215.98bn via OMO
Adesola AfolabiJune 7, 2018
The Nigerian naira was down 0.28 percent against the United States dollar at the unofficial street currency market on Thursday trading at N362 to $1. But it appreciated marginally by less than one basis point at N360.94 to $1 at the importer and exporter (I&E) official foreign exchange window. Total turnover in the I&E Window […]
Forex: Nigeria central bank approves wider margin for BDCs, funds market with$210m
Businessam StaffJune 5, 2018
The Central Bank of Nigeria (CBN) has approved an upward review of the trading margin available to operators of bureau de change (BDC) in the country. Consequently, BDC operators are now to buy the United States dollar from the CBN at the rate of N357/$1 and sell at N360, thereby leaving them with a positive margin of N3.00 […]
Nigerian naira inches toward N400/$ depreciates 0.12% at investors, exporters window
Adesola AfolabiMay 31, 2018
The Nigerian naira depreciated on Wednesday against the dollar by 0.12 percent to N362.02 in the investors and exporters (IEW)– highest since August 2017— while it strengthened by 0.82 percent to N363 in the parallel market. Total turnover in the IEW fell by 45.11 percent to $176.98 million, consummated within the N359-N363/$ range as against […]
Nigeria central bank reflate forex market with $100m, warns against speculative purchases
Businessam StaffMay 24, 2018
In an apparent move to safeguard the interest of customers seeking to purchase foreign exchange for personal obligations and checkmate any attempt at causing panic in the market, the Central Bank of Nigeria (CBN) has released the sum of $100 million into the Nigerian Forex market. The release, which is coming barely 24 hours after […]
Nigerian naira weakens 0.28% at parallel market as DMO re-opens bond offers Wednesday.
Businessam StaffMay 22, 2018
The exchange rates of the Nigerian naira to the American dollar weakened Tuesday by 0.28 percent to N364 in the parallel market, while it strengthened by 0.02 percent to N361.41 in the I&E FX window. Total turnover in the I&E window improved significantly by 155.16 percent to $259.05 million, traded within the range of N359.00-N363.50/$. […]