Tuesday, November 30

Tag: FMDQ

Nigeria’s External Reserves Hit $40.3 Billion
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Nigeria’s External Reserves Hit $40.3 Billion

Nigeria’s external reserves rose to $40.33 billion last week, the highest in four years. Meanwhile investors have injected $5.23 billion through the Investors and Exporters (I&E) foreign exchange (forex) window in four weeks while the Central Bank of Nigeria, CBN, has intervened in the forex market with $986 million since the beginning of the year. Data from the CBN website showed that external reserves rose to $40.33 billion on Thursday, January 25, from $38.765 billion on December 29, 2017. Thus, the reserves have risen by $1.56 billion this year. The $40.33 billion reserves represent the highest since January 2014 when the reserves dropped to $40.6 billion from $42.84 billion in December 2013. The steady rise in the external reserve, from July 7 last year, is occasioned by ...
Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar
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Central Bank Introduces New Forex Rules As Naira Closes At N367 To The Dollar

The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This came barely one week after the naira closed below 370/dollar on the parallel market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions. It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN It read in part, “All authorised dealers shall be subject to a maximum ...
Naira Stable At N385/$1
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Naira Stable At N385/$1

The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into various segments of the foreign exchange market, even as the naira remained stable at N385 per dollar in the parallel market. Meanwhile the CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank. Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed these developments saying a breakdown of the $457.3 million offered yesterday indicates that both the spot and forwards segments received a total of $267.3 million while the wholesale segment got $100 million. H said that the SME and invisibles segments comprising of basic travel allowance, tuition fee and...

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