U.S. Dollar Continues Slide As Euro Soars Again
The dollar slumped to its lowest in nearly two years on Thursday, as investors continued to sell the greenback on expectations a surge in coronavirus cases will make it difficult…
Nigeria’s Debt To Hit N33 Trillion As Govt Plans Fresh N4.28 Trillion Loan
Nigeria’s debt burden will hit N32.91 trillion as the federal government has notified the National Assembly of a fresh plan to borrow N4.28 trillion to fund the 2021 budget. Daily…
Sterling Steady Above $1.27 On Last Day Of Brexit Talks
Sterling stabilized above $1.27 on Thursday on the last day of the Brexit negotiations, with traders looking out for any headlines that may shine some light on whether Britain could…
Oil Eases As High U.S. Oil Stocks Outweigh Weak Dollar
Oil prices edged lower on Thursday as a weaker dollar, which usually boosts oil prices, was outweighed by concerns about rising U.S. oil inventories and surging coronavirus cases. Brent crude…
Weekahead-Africa-FX-Dollar Dearth Weighs Down Kenyan, Nigerian Currencies
The Kenyan shilling and the Nigerian naira are expected to weaken in the week ahead, mainly because coronavirus disruptions have led to a dearth of dollars. NIGERIA Nigeria’s naira is…
Nigeria: Loan Forbearance Will Enable Companies Survive Covid-19
Central Bank of Nigeria Governor, Mr. Godwin Emefiele, in this interview after the Monetary Policy Committee meeting spoke about the state of the Nigerian banking sector, the recent exchange rate…
Nigeria: Fed Govt Okays N10.5b For Ports
The Federal Government yesterday approved projects in two memoranda worth above N10.5 billion for the Nigerian Customs Service (NCS). The projects include cargo scanners for the Onne and Port Harcourt…
CBN Launches New Schemes For Non-Interest Financial Institutions
The Central Bank of Nigeria(CBN) has introduced intervention schemes to cater for non-interest financial institutions (NIFIs). It said in a circular signed by its Director, Financial Policy and Regulation Department,…
Bullish Bets On Most Asian Currencies Climb On Vaccine Hopes, China Stability
Investors raised their long bets on the Chinese yuan and most other Asian currencies, a Reuters poll showed, as signs of a recovery in the world’s second-largest economy and news…
Demand For Jail Sentence In Shell And Eni Nigeria Oil Trial
Italian prosecutors are calling for lengthy jail terms to be handed down to the boss of Eni and one of Shell’s top former executives in a trial over alleged corruption…
South Korea Enters Recession As Exports Plunge By Most Since 1963
The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs…
FG’s July Bonds Oversubscribed By N340.13bn
The Federal Government Bonds for the month of July worth N130bn, which were auctioned on Wednesday, were oversubscribed by N340.13bn, the Debt Management Office has said. The total subscription received…
UK Airports Lost £10,000 Per Minute Between March And June
‘This should serve as a wake-up call to government and lead them to finally grasp the severity of the challenge,’ said Karen Dee, chief executive of the Airport Operators Association…
IMF Approves Temporary Increase In Annual Access Limits To Financial Support
The Executive Board of the International Monetary Fund (IMF) on Wednesday approved a temporary increase in the annual limits on overall access to resources in the General Resources Account and…
CBN – Economy Recorded U.S.$42.7 Billion Forex Inflow In First Quarter
The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter (Q1) 2020 was $42.71 billion, the Central Bank of Nigeria (CBN) has said. CBN, in its…
Sterling Edges Lower On No-Deal Brexit Reports, Gloomy Economic Prospects
The British pound fell on Wednesday on rising concern that the Brexit transition period will end without a deal between Britain and the EU, and foggy economic prospects as the…
Currency Markets Resume Risk-On Rally, Shrugging Off U.S.-China Consulate Spat
Currency traders regained their risk appetite on Wednesday, shrugging off U.S.-China tensions and resuming the risk-on moves that have dominated since European Union leaders agreed on a fiscal stimulus plan…
Naira Weakens Despite Dollar Selloff
As the worldwide race for a coronavirus vaccine gathers pace and fiscal stimulus uplifts global sentiment, investors seem to be favouring riskier currencies at the expense of the Dollar. The…
CBN Approves N50b Revival Fund For Textile Industry
The Central Bank of Nigeria (CBN) has announced N50 billion special mechanism funds to revive the ailing textiles industry. The funds to be administered by the Bank of industry (BoI)…
Nigeria: Federal Govt Records N1.46tn Revenue Deficit In Q1
Gross federally-collected revenue fell by 36 per cent or N1.46tn below the quarterly budget estimate in the first quarter of 2020. The Central Bank of Nigeria disclosed this in its…
CBN: Economy Recorded $42.7bn Forex Inflow In First Quarter
The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter (Q1) 2020 was $42.71 billion, the Central Bank of Nigeria (CBN) has said. CBN, in its…
FMDQ Securities Records N117tn Turnover In Six Months
9The FMDQ Securities Exchange recorded total turnover of N117.27 trillion in the Fixed Income and Currency (FIC) from January to June 2020. The performance showed a decline of 1.64 per…
Nigeria Targets Processed Cocoa Exports With $10 Million Plant
Nigeria’s southeastern Cross River state is setting up a 4-billion naira ($10-million) cocoa-processing plant to start operations in August and target the export market, an official said. Cross River, which…
Naira Exchanges At N472 To Dollar At Parallel Market
The Naira on Tuesday exchanged at N472 to a dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports. The Pound Sterling and the Euro also…
Euro Scales Fresh Four-Month Peak Vs Dollar After EU Virus Deal
The euro on Tuesday climbed to its highest against the U.S. dollar in more than four months after European Union countries struck an agreement on a massive stimulus plan to…
Bullish Markets Lifts Pound To Six-Week High, Look Past Economy Woes
The pound rallied above $1.27 for the first time in six weeks on Tuesday as optimism over a coronavirus vaccine and an EU agreement on a recovery fund enabled it…
Foreign Reserves Decline by $494m to $36.1 Billion
Foreign reserves declined with falling revenue generation and weak oil prices in the month of July, according to the Central bank of Nigeria. In the apex bank daily report titled,…
NNPC Raises August Selling Prices Of Crude Oil
The Nigerian National Petroleum Corporation has increased the prices at which two of the country’s major crude oil grades would be sold in August. Most of the country’s September loading…
CBN Mute On FX As MPC Meeting Underwhelms
The Central Bank of Nigeria (CBN) announced its monetary policy decisions on Monday without addressing the acute dollar shortages in its foreign exchange (FX) market, which is perhaps the biggest…
Preserving Forex Reserves, Raising Local Capacity Through Import Substitution
For decades, successive governments in Nigerian resorted to protective measures, including import restrictions and exchange rate control, to manage its foreign exchange (forex) market, and deal with the problems of…