Naira Exchange Rate

Posted on February 20, 2017 by Onome Ohwovoriole

CBN Introduces New Foreign Exchange Policy.

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

Posted on February 19, 2017 by Nairametrics

Here Is One CBN Decision That Is Killing The Naira…Daily!

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

Posted on February 16, 2017 by Ugo Obi-chukwu

FEC Calls For “Urgent” Review Of Nigeria’s Forex Policy 

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

Posted on February 4, 2017 by Nairametrics

CBN Attacks “Emefiele Must Go” Gang With 16 “Emefiele Must Stay” Tweets

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

Posted on February 1, 2017 by Nairametrics

CBN Sells $660 million In Forward Contract; Here Is What It Means

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

Posted on January 27, 2017 by Onome Ohwovoriole

Press Release: CBN Fires Back At Critics ‘Creating Panic In The System’

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

Posted on January 24, 2017 by Nairametrics

Emefiele Calls Critics of Multiple Exchange Rates “Mischievous”

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

Posted on December 29, 2016 by Nairametrics

Naira Set To Depreciate Further As Nigerians In Diaspora Disappoint This Holiday

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

Posted on December 24, 2016 by Iyke Aru

Message To CBN: ‘Blockchain Is Taking Over, Swim or Sink’

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

Posted on December 23, 2016 by Ugo Obi-chukwu

What African Startups Can Learn From African Currencies Floating Against The Dollar

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

Posted on November 21, 2016 by Nairametrics

Emefiele Chides His Critics With Two Very Bizarre “Jokes”

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

Posted on November 15, 2016 by Nairametrics

New law: Almighty CBN Seeks Sweeping Powers To Seize Foreign Currency, Restrict Repatriation etc.

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

Posted on November 14, 2016 by Nairametrics

BOOM: FMDQ Suspends Spot FX Closing Rate, Confirming Flexible Exchange Rate Is Broken

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

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