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FX MARKET
The Nigerian naira broke key resistance levels at the Nigerian Autonomous Foreign Exchange Market as the Central Bank of Nigeria implemented the new Electronic Foreign Exchange Matching System this week
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has revealed that the soon-to-be-introduced electronic FX matching system will address the disconnect between the current naira-to-dollar exchange rate and the naira’s true market value.
The Central Bank of Nigeria (CBN) has announced the introduction of an electronic matching system for foreign exchange transactions in the Nigeria FX market scheduled to begin from December 1, 2024.
The haven currency posted mild losses in London’s trading session as renewed concerns over the U.S. economy’s growth outlook weakened its bullish run, while the naira oscillated near the N1650/$ support level.
The naira displayed mixed signals against the dollar in Nigerian FX markets on Thursday.
The naira struggled to maintain the N1,600 baseline in the official FX market over the past week, despite the dollar index reaching its lowest point since January.
The Private Equity and Venture Capital Association of Nigeria (PEVCA) has stated that foreign investors are apprehensive about implementing the over $30 billion investment pledges in Nigeria over the instability in the country’s foreign exchange market.
The Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on August 6, 2024, where nine companies purchased a combined total of $25.76 million to meet their loan repayment obligations.
The Naira strengthened against the dollar on Friday, trading at N1,585/$ from N1,590/$ posted on Thursday in the...
The Central Bank of Nigeria (CBN) recently conducted a Retail Dutch Auction System (rDAS) on August 6, 2024, in an effort to mitigate the rising demand pressures in the foreign exchange (FX) market and to promote price discovery.
Six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were disqualified from participating in a recent retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).
The Central Bank of Nigeria (CBN) has sold $876.26 million at N1,495/$1 to 26 qualified banks in its latest Retail Dutch Auction.