$160m Forex Spent On Food Import In January
The country spent $160m from its foreign exchange on food importation in January according to figures obtained from the Central Bank of Nigeria. The CBN’s economic report on ‘Sectoral utilisation…
Customs Intercepts 42 Drums Of Explosives At Sango-Ota
The Federal Operations Unit (FOU), Zone A of the Nigeria Customs Service (NCS) on Wednesday intercepted 42 drums of calcium carbide smuggled into the country from Benin Republic. Security sources…
Nigeria Needs 300,000MW Electricity For Double-Digit Growth
The aspiration of growing the economy at a double-digit rate may remain a mirage unless electricity output increases to 300, 000WM, experts said in Abuja, yesterday. Although a different policy…
China’s Booming Economy Is Fueling Alternative Yuan Trades
Optimism over China’s economy is fueling some alternative bets in the foreign-exchange market. Buy the yuan against the Singapore dollar and yen on expectations that China’s growth would outperform the…
Reps Probe Delay In Ports Concession, Privatisation Review
The House of Representatives has resolved to investigate the delay in the review of the agreements signed by the Federal Government for the privatisation and concession of seaports across the…
Nigerians exceed IMF’s 30% dollar deposits threshold
Dollar deposit by Nigerians in banks has exceeded the 30 per cent threshold approved by International Monetary Fund (IMF), a Central Bank of Nigeria (CBN) report has said. The report…
UK Borrows 303 Billion Pounds In 2020/21 Financial Year
Britain’s government borrowed 303.1 billion pounds ($420.1 billion) in the financial year which ended last month, an increase of 246 billion pounds on the previous year as it resorted to…
Top Forecaster Sees Aussie Rising To 85 U.S. Cents By Next Year
Australian one hundred dollar and fifty dollar banknotes are arranged for a photograph in Sydney, Australia, on Wednesday, May 23, 2018. Australia’s central bank chief Philip Lowe said last week…
Nigerian Seaports Poorly Ranked In West Africa, LCCI Laments
The Lagos Chamber of Commerce and Industry has expressed concern over the state of the country’s seaports, saying this has continued to complicate the ease of doing business at the…
C$ Posts Biggest Gain In 10 Months As Bank Of Canada Cuts Stimulus
The Canadian dollar surged by the most since June 2020 against its U.S. counterpart on Wednesday and the Toronto stock market rebounded as investors welcomed a move by the Bank…
Nigerians Shun Naira For Foreign Currencies To Protect Wealth
Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of…
Used-Car Prices Leap On U.S. Economic Recovery, Supply Crunch
Used car prices in the U.S. are soaring. The Manheim U.S. Used Vehicle Value Index, a gauge of pricing trends, soared to a fresh record Tuesday as factors ranging from…
BDC Operators Beg CBN To Review N2/$1 Transaction Margin
Bureaux De Change (BDC) operators in Nigeria have asked the Central Bank of Nigeria (CBN) to review the transaction margin approved for them. President of the Association of Bureaux De…
Dollar Ban For Wheat Purchases May Add To Nigeria Food Scarcity
Nigeria’s plans to expand restrictions on dollar access for imports to now also include sugar and wheat could worsen food insecurity and fuel inflation in Africa’s most-populous nation. The country’s…
CBN, ICT As Economic Stimulant
Lagos — The information and communications technology (ICT) sector has in recent times been a major player in solving societal issues and the Covid-19 pandemic made its essence felt even…
CBN To Sanction Banks, FX Dealers Rejecting Old Dollar Bills
Deposit Money Banks (DMBs) and other authorised foreign exchange (forex) dealers rejecting old/lower denominations of US Dollar bills will henceforth be sanctioned. This threat was given by the Central Bank…
Shippers Council Targets 80% Automation By June
The Nigerian Shippers’ Council (NSC) says it hopes to achieve 80 per cent automation of the entire seaport processes on or before the end of the first half of the…
Pound-Dollar To Extend Gains To 1.45 By June 2021 Day NAB
The British Pound to Dollar (GBP/USD) is forecast at 1.4500 for June 2021 and 1.50 for December. Foreign exchange analysts at NAB expect that a strong UK recovery on the…
Higher Oil Prices Push Up External Reserves By $409m
The country’s external reserves returned to a growth path as it gained $409m in two weeks, latest figures from the Central Bank of Nigeria disclosed on Monday. According to the…
Dollar Struggles To Recover After Slump To 7-Week Trough Amid Lower U.S. Yields
The dollar languished on Wednesday, hovering just above a seven-week low with subdued U.S. bond yields reducing the currency’s yield appeal. The safe-haven greenback got some respite from a pullback…
Sterling Holds Ground As UK Inflation Ticks Higher
“CPI isn’t a story that will be driving sterling in the short term”, said Jeremy Stretch, a foreign exchange strategist at CIBC Financial markets. Financial markets see about a 50%…
FG Admits Revenues Crashing, Says Nigeria Faces Hard Times
The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday admitted that Nigeria’s economy was facing a difficult time, saying states must improve their internally generated revenues. Ahmed,…
NEWS WIRE Investing 9h Ago China’s Yuan Adds Renewed Momentum To Global Reflation Trade
China’s yuan is overvalued, and that could end up stoking global inflation. The yuan ranks as the most overvalued among 32 major currencies in real effective exchange rate terms, an…
HSBC: Buy The Euro, Sell The Pound As UK Good Vaccine News Priced In Say HSBC
Euro-to Pound (EUR/GBP) losses during the first quarter of 2021 were driven by the UK vaccine programme, but HSBC now expects a reversal as the EU performance improves strongly. The…
ABCON Seeks Measures To Boost Diaspora Remittances
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to introduce measures that will counter the advantages of cryptocurrencies exchanges…
Inflation Rate: The 18.17% Rise Of A Monster
Nigeria’s March 2021 inflation rate of 18.17% has riled analysts as the economy gets caught in deep undercurrents. The country’s unemployment rate as of January 2021 rose to 33.3%, and…
ABCON Calls On CBN To Check Cryptocurrencies’ Impact On Diaspora Remittances
The Association of Bureaux De Change Operators of Nigeria (ABCON) has charged the Central Bank of Nigeria (CBN) to introduce measures to insulate diaspora remittances against the impacts of cryptocurrencies.…
Local Currency Sells For N410.33/$ At I&E
The exchange rate of the Naira against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange market favour the former on Monday, April 19.…
CANADA FX DEBT-Canadian Dollar Notches 1-Month High Ahead Of Federal Budget
The Canadian dollar strengthened to a one-month high against its U.S. counterpart on Monday, as the greenback broadly declined and ahead of a federal budget that is expected to spend…
Dollar Slide Extends
Overview: The selling pressure on the greenback, evident last week, despite a series of stronger than expected economic reports, carries over into the new week’s activity. The euro punched through…