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The dollar index remained near its weekly high, while the Nigerian naira fell below a key support line. The local currency dropped below the N1,600/$ support level in the black market. Market fundamentals indicate renewed demand pressure and an expanding supply gap, leading to another round of naira depreciation. The naira’s value fell from N1,625
Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines says the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign
The Central Bank of Nigeria (CBN) has issued a new circular that removes the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs). This follows a circular issued by the central bank addressing suspected cases of excessive foreign currency speculation and hoarding from Nigerian banks. The circular titled Removal of Allowable Limit of Exchange
Nigeria has officially floated its naira after years of sticking with a hard peg that scared away investors and drained the country’s external reserve. This floating means buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable, as against previous practice where rates were dictated
The dollar exchanged at N600 on Monday at the parallel market, heightening fears of a further devaluation of the nation’s currency. The rate at the Importers and Exporters Window was, however, N415.75 on Monday, widening the exchange rate spread to N184.25. At Zone 4 in Abuja, which is the hub of the parallel market in
The scarcity of funds in the interbank money market worsened last week following a sharp decline of 72 per cent in market liquidity to N56.3 billion. Financial Vanguard analysis of data from the Central Bank of Nigeria, CBN, showed that the amount of liquidity (Opening balance) dropped to N56.3 billion on Friday last week from N200.64 billion
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