Bullish outlook for naira ahead of CBN rate decision, economic data release

The local currency, the naira, would trade steady against international currencies ahead of Central Bank of Nigeria’s (CBN’s) rate decision and economic data released by the National Bureau of Statistics (NBS) this week, says Lukman Otunuga, research analyst at FXTM. “The upcoming trading week will offer investors fresh insight into the health of Nigeria’s economy, […]

CBN stabilises forex market with $210m intervention

Nigeria’s central bank (CBN) moved to stabilise the country’s foreign exchange market with an intervention of $200 million at the inter-bank sector of the market. The intervention was made in order to meet the requests of customers whose demand had exceeded what would ordinarily have been available. The statement made available to businessamlive,com showed a […]

Naira steady against dollar ahead of FOMC minutes

Naira @ N600/$1: What type of Independence Day present for Nigerians? 

by Lukman Otunuga     The Naira held its ground against the dollar Wednesday ahead of the anticipated U.S CPI reading and FOMC meeting minutes. It is certainly shaping up to be a painful week for the Greenback as lingering trade war fears and political uncertainty in Washington weigh heavily on the currency. If the […]

Central bank urged to cut MPR, eradicate multiple exchange rates

Aminu Gwadabe, the President of Association of Bureau d’Change Operators of Nigeria (ABCON), has advised the CBN to reduce its monetary policy rates. He said that lowering the Monetary Policy Ratio (MPR) and other rates by the CBN Monetary Policy Committee (MPC) was critical to revamping the productive sectors of the economy. Gwadabe told the […]

Standbic IBTC lists Nigeria’s largest open-ended dollar, money markets, bond funds on FMDQ platform

As a debt-capital focused securities exchange, championing and supporting market-driven initiatives aimed at providing liquidity and facilitating growth and development in the Nigerian financial markets, FMDQ OTC Securities Exchange (FMDQ), through its board listings, Markets and Technology Committee, admitted the listing of the Stanbic IBTC Dollar, Money Market and Bond Funds (the SIAML Funds) on […]

Slight variations, but naira relatively stable on street market

By Remilekun Davies and Ademola Badmus Nigeria’s foreign exchange market, which plays host to various kinds of players, each contributing to the challenge in the multiplicity of rates and the ever-widening gulf between the official and the unofficial rates, produced a relatively stable naira at the parallel market last week, business a.m. currency monitoring across […]

Nigeria’s central bank boosts forex market with $210m

The Central Bank of Nigeria (CBN) Monday boosted the inter-bank foreign exchange market with the sum of $210 million to meet customers’ requests in various segments of the market. In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100 million to authorised dealers in the wholesale […]

Nigeria’s central bank injects $195m into forex market


Nigeria’s central bank said Tuesday it had injected $195 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, $50 million for small businesses and individuals, and $45 million for certain dollar expenses […]