Rand Takes Top Spot as Emerging Markets Are Back in Vogue
Businessam Staff
July 19, 2017
South Africa’s rand is the best-performing currency in emerging markets since Janet Yellen last week signaled that the Federal Reserve won’t rush to tighten monetary policy. The rand has netted an almost 5 percent return in the period for carrying traders, who borrow where rates are low to invest in high-yielding assets. HSBC Holdings Plc predicts […]
Dollar weakness, China cheer lift Asia stocks, commodities
Businessam StaffJuly 19, 2017
The dollar huddled near multi-month lows on Wednesday as investors wagered any further tightening in the United States would be slow at best, while optimism on China’s economy underpinned Asian shares and commodities. The U.S. currency was still smarting after the collapse of the Republicans’ push to overhaul healthcare dealt a blow to President Donald […]
Nigeria’s naira flounders at parallel market appreciate at investor’s window
Businessam StaffJuly 7, 2017
Nigeria’s currency, the naira, suffered marginal loss at the parallel market Friday while it firmed against the United States dollar at the newly introduced Investors and Exporters window of the foreign exchange markets. The naira lost one point to exchange at N366, weaker than N365 traded on Thursday, while the pound sterling and the euro […]
Nigeria naira firms against major currencies, makes marginal gains at parallel market
Businessam StaffJuly 3, 2017
The Nigerian naira Monday gained 0.55 percent to exchange at N365/$ at the parallel market as Central Bank of Nigeria (CBN) continued in its efforts to stabilise the foreign exchange market. The currency closed flat against the pound sterling and euro at N465 and N410 on the same market spot respectively. At the official market, […]
Nigeria’s naira to firm against major currency this week as CBN plans another $100m sale
Businessam StaffJuly 3, 2017
The outlook for the naira may remain positive this week as Nigeria’s central bank said it will sell yet another $100 million at a special foreign currency auction on Monday, July 3, 2017. This week sales would be the latest in a series of interventions by the CBN that it said had yielded positive results […]
CBN offers $100m at special foreign exchange auction
Niyi JacobsJune 28, 2017
In continuation of its efforts at stabilizing the foreign exchange market, the Central Bank of Nigeria (CBN) has scheduled to offer $100 million at a special foreign exchange auction Wednesday, June 28, 2017. In a notice to commercial banks, the CBN said Wednesday’s dollar auction would be for spot and forward deals, which would be […]
ABCON canvasses downward review of forex buying rate for BDCs segment
Niyi JacobsJune 22, 2017
The umbrella body of the bureau de change operators in the country, Association of Bureaux De Change Operators of Nigeria (ABCON), has asked that the Central Bank of Nigeria (CBN) to further bring down the allowable buying rate for BDC to N350/$ as against N360/$ in view of the falling rates in the market. In […]
Naira firms at parallel market, trades N362/$ on the street
Niyi JacobsJune 19, 2017
The naira on Monday marginally appreciated against international currencies at the parallel market trading at N362 to the dollar on the streets, thereby gaining three points from the N365 it traded Friday. Against the pound sterling and euro it closed N460 and N403, respectively. However at the bureau De change (BDC) window, the naira sold […]
CBN offers $100 million at special foreign currency auction
Businessam StaffJune 19, 2017
Nigeria’s central bank has indicated that it would offer about $100 million at a special foreign currency auction this week, as part of its efforts to improve dollar liquidity and reduce pressure on the local currency, the naira. The regulator specifically said the dollar auction would be both for spot and forward deals, which would […]