Improved system liquidity to steady rates as CBN staggers mop-ups
Businessam Staff
April 15, 2018
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
Businessam StaffFebruary 19, 2018
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 drops 0.02% across two Nigerian currency markets as NIBOR sees halt to rate slide
Kayode OgunwaleFebruary 19, 2018
The naira closed trading at N306 to the dollar at the inter-bank market on Monday, a drop of 0.02 percent in value against its Friday’s closing rate. At the Investors and Exporters (I&E) foreign exchange window, the naira opened at N360.06, then traded high at N361.50 and eventually closed at N360.28, representing a 0.02 percent […]
Naira outlook remains stable as external reserves hit 48-month high of $41.5bn
Businessam StaffFebruary 19, 2018
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 $55.0 million was sold to satisfy retail invisible demand (Tuition fee, medical payments, and BTA). Thus, […]
Naira rises 0.07% on Nigeria’s import/export FX window as money market upbeat
Kayode OgunwaleFebruary 15, 2018
Trading activities at the Import & Export foreign exchange window of Nigeria currency market saw the naira appreciate by 0.07 percent Thursday to N360.13. But at the parallel market, the naira remained flat exchanging for N363 to the dollar. At the end of Thursday’s trading, total amount traded in the Import & Export FX window […]
Nigerian naira stable at N305.90/$ at official forex window
Kayode OgunwaleFebruary 14, 2018
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 […]
South African rand increases more 1% amid ANC’s preparation to push out Zuma
Businessam StaffFebruary 14, 2018
South Africa’s rand jumped more than 1 percent to its firmest since June 2015 and bonds hit a one-week best on Wednesday after the ruling African National Congress (ANC) said it would proceed with a vote to remove President Jacob Zuma from office. At 1140 GMT, according to Reuters’ report, the rand was 1.1 percent […]
China’s yuan no longer one-way bet as currency slides against US dollar
Businessam StaffFebruary 10, 2018
The sharp appreciation in the value of the Chinese yuan in 2018 came to a crunching halt on Thursday after Beijing cautioned against thinking the currency could move only in one direction. After more than a year of steady increases, the yuan, also known as the renminbi, fell 1 per cent against the US dollar, […]
Bitcoin, cryptocurrencies bounce back after price crash
Businessam StaffFebruary 7, 2018
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 […]
Weaker dollar would not hurt Nigeria, vice president says
Goddey OdinJanuary 25, 2018
Yemi Osinbajo, Nigeria’s vice president Thursday said a weaker U.S. dollar would not necessarily hurt his oil-producing nation, according to a Reuters report. Osinbajo made the comment after Steven Mnuchin, U.S. treasury secretary welcomed a weaker dollar, saying it benefited U.S. trade balances in the short term. “A weaker dollar doesn’t necessarily hurt Nigeria,” said […]