In what appears to be a step towards a flexible exchange rate, the Central Bank Of Nigeria (CBN) today introduced a new foreign exchange policy. Here are the highlights of the policy: The CBN is providing additional funding for travel, school fees and medical bills. Such payments will be made directly to the institutions involved. Read More
Naira Exchange Rate
Parallel market exchange rate between the Naira and three of the world’s major currencies.
Nairametrics| The exchange rate between the naira and the dollar hit an all time low last week dropping to N516 at the black market. The disparity between the official interbank rate and the parallel market rate is now as high as N216. The spread signifies one thing, SCARCITY. Spare a thought and look at the Read More
A step back or another forward?
The Central Bank Governor is under pressure not just from you and I but also from some people in Governor. At Thursday’s Federal Executive Council meeting the CBN Governor was put on the spot by members who worried about the deteorating forex situation in the country. The exchange rate is now $1 to N509. They Read More
There comes a time when you just have to do what is required for the occasion.
A layman’s explanation of what Nigeria’s successful Eurobond Means to you and I
NOt a good sign for the sale
Nairametrics| The Central Bank on Saturday, through its twitter handle, released a series of tweets directed at critics calling for the removal of the CBN Governor. In an apparent acknowledgement of the growing strength of the movement determined to see him removed from the helm of the apex bank, Mr Emefiele fought back issuing out Read More
Nairametrics/Reuters| Information from currency traders reveals that the Central Bank of Nigeria sold about $660 million in three- and five- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Last Wednesday, the central bank had asked commercial lenders to bid in a special currency auction targeted at clearing backlog of Read More
The Central Bank of Nigeria has been under frequent criticism from Nigerians unhappy with its handling of the forex policy. Apart from the banning of 41 items and the apparent controls put in place to deny easy access to forex, the apex bank has also been blamed for unscrupulous activities which it has been trying Read More
The Central Bank of Nigeria (CBN) has issued a press release directed at critics who it perceives are miss-informing Nigerians “with the intention of discrediting genuine efforts at managing the economy, thereby creating public distrust and panic within the financial system”. The press release comes as an increase in media commentary (both social and traditional), Read More
The Central Bank of Nigeria’s Governor, Godwin chastised critics who insists that Nigeria has multiple exchange rates, calling them “mischievous”. Mr Emefiele was taking questions at the monetary policy communique press briefing held on Tuesday, January 24th . This is despite clear evidence that Nigeria does have multiple official exchange rates, a situation firmly impossed Read More
Nairametrics| Traders believe the Naira will depreciate further at the end of the year as forex from Nigerians living abroad, who are home for the Xmas holidays, fell short than was originally expected. Here is how a dealer interviewed by Reuters explained it; “We see the naira depreciating against the dollar by the time more Read More
Note: This article was culled from Coin Telegraph Concerned about the rapid encroachment of Blockchain into the country, Nigeria’s top bank chief has sounded the alarm for relevant agencies to begin to take the disruptive technology more seriously. Speaking at an event organized by the Nigeria Electronic Fraud Forum (NeFF), Deputy Governor of the Central Read More
This year will perhaps go down in history as one of the worst for emerging markets and one that saw countries who otherwise would not ditch the currency peg, float their local currencies. Economies of most African Countries and indeed emerging markets have churned out series of economic policies geared towards reversing the slide of Read More
Reports emerged on Monday that the Central Bank has reduced the value of dollar sales to BDC operators from $15,000 to $8,000 weekly. This has contributed to the further slide of the Naira which closed on Monday at N473 (black market). Why the CBN cut sales The CBN was too focused on selling to BDC’s Read More
The Central Bank Governor, Godwin Emefiele is well known around the business circles for his controversial policies especially as it relates to forex. He is also known for his apparent disposition towards pleasing his boss President Buhari even if it means him losing his independence as the Governor of the CBN. Recently, the CBN Governor Read More
The Central Bank of Nigeria is proposing a string of new amendments to the Foreign Exchange, Monitoring and Miscellaneous Exchange Act (FEMM). The act signed to law in 2014 basically liberalized the foreign exchange market in Nigeria allowing for foreign investors to import money into the country and repatriate same freely. This is currently the Read More
The FMDQ OTC, the official market for bonds, treasury bills and forex trading has approved the suspension of the FMDQ Spot FX Closing Rate with immediate effect. The FMDQ in a press release signed by Jumoke Olaniyan, the Divisional Head Market Development & Regulation, explained the reason for the suspension was due to the “transparency Read More