22nd OTC FX futures contract matures, settles on FMDQ
Businessam Staff
May 1, 2018
By Afolabi Adesola The 22nd over the counter (OTC) foreign exchange (FX) futures contract have matured and been settled on the FMDQ. With the maturity of the NGUS APR 25 2018 contract (notional amount, $660.49), the total value of contracts so far matured and settled on FMDQ, stands at $9.13bn, while a total of $12.03bn […]
Bullish outlook for naira ahead of CBN rate decision, economic data release
Businessam StaffApril 22, 2018
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
Businessam StaffApril 18, 2018
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
Businessam StaffApril 11, 2018
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
Businessam StaffApril 1, 2018
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
Kayode OgunwaleFebruary 13, 2018
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
Businessam StaffFebruary 12, 2018
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 […]
ACM Gold shuts forex operations in Nigeria, other countries to enter crypto world
Abdulrafiu EdidiJanuary 31, 2018
ACM Gold, once the largest foreign exchange brokerage in South Africa, has announced that it has shut down its foreign exchange operations in Nigeria and a number of other countries to prepare itself for an entry into the world of cryptocurrencies, according to an announcement on its website accessed by businessamlive.com ACM, established in 2004, has […]
Nigeria’s central bank boosts forex market with $210m
Businessam StaffJanuary 22, 2018
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 […]
Qatar guarantees stocks FX rate if MSCI sticks to official level
Mohammed SergieNovember 28, 2017
Qatar’s central bank pledged to provide dollars at the official exchange rate to stock investors if index provider MSCI Inc. continues to use that level to calculate its gauge. “This guarantee should address any concern the MSCI investors might have on their capacity to freely trade the Qatari riyal at official onshore FX rates,” the […]