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Archive by Category "News"

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Leke Baiyewu, Abuja The Senate is investigating the scarcity of lower naira denominations, which the lawmakers consider as a threat to the country’s economy. The scarce denominations are N5, N10, N20, N50, N100 and N200. Following the adoption of a motion moved by Senator Peter Nwaoboshi entitled: ‘Scarcity of Lower Denomination Currency Notes’, the Senate […]

Bitcoin is up more than 8% Wednesday morning, mirroring the broader cryptocurrency market, after the South Korean government appeared to backpedal on its reported plans to ban crypto mining and exchanges in the country. In a video posted to the presidential website Wednesday, South Korea’s minister of Governmental Policy Coordination, Hong Nam-ki, said the government […]

The Nigerian currency, Thursday depreciated to N360.4 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window rose to N360.40 per dollar, Thursday, from N360.21 per dollar on Tuesday, indicating a 19 kobo appreciation […]

LAGOS (Reuters) – Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that […]

Oyetunji Abioye The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said. In its economic outlook for 2018, which was released on Tuesday, the professional services firm said increased foreign exchange demand ahead of the 2019 general election might […]

ABUJA, Feb 7 (Reuters) – Nigeria plans to redeem 762.5 billion naira ($2.5 billion) worth of treasury bills from the proceeds of a planned $2.5 billion Eurobond, to lower borrowing costs for the government, Finance Minister Kemi Adeosun said on Wednesday. The West African country expects to save 64 billion naira each year after it […]

By Chijioke Ohuocha LAGOS, Feb 7 (Reuters) – MTN Nigeria discussed plans to list on the Lagos stock exchange at a board meeting on Wednesday and aims to launch the IPO this year, a company source told Reuters. Africa’s biggest mobile phone operator had planned to list its Nigerian unit in 2017, as part of […]

The Central Bank of Nigeria (CBN) on Monday injected the sum of $55m into the economy for Nigerians requiring foreign exchange (Forex) for Business/Personal Travel Allowances, tuition, and medical fees. The amount is part of $210m pumped into various segments of the foreign exchange market by the apex bank. A breakdown of the amount, released […]

Henry Boyo “As I speak to you, our external reserves stand above $31bn and that provides us with enough firepower to be able to defend the naira (N305=$1)” – CBN Governor, Godwin Emefiele, April 25, 2017 However, fast forward to January 2018 with reserves above $40bn, i.e. over 30 per cent increase since April 2017, […]

  • CBN

The Central Bank of Nigeria (CBN) has boosted the inter-bank foreign exchange market with $210 million. According to a statement on Monday by the Bank’s Acting Director, Corporate Communications, Mr Isaac Okorafor, this was to meet customers’ requests in various segments of the market. He said the fund would also ensure that legitimate demands for […]