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Farooq

Posts Tagged "devaluation"

HomePosts Tagged "devaluation"
  • CBN

Despite a record rise in Nigeria’s foreign reserves, which should ordinarily strengthen the naira, investors are asking the Central Bank of Nigeria (CBN) to further devalue the local currency. The investors insist that the naira, which is trading at 305/$ at the official market and 490/$ at the parallel market, is not adequately priced. The […]

Deposit money banks (DMBs) are still charging their customers parallel market rates for foreign exchange transactions done via the bank’s naira debit cards, TheCable can report. Many banks are transacting at the “floating” interbank market rate of N280 to N284 to the dollar, while some have banned international transactions with naira cards altogether. In a […]

  • dollar to naira

Obinna Chima Following recent depreciation of the naira exchange rate that came with the new forex policy, Nigerian banks are likely going to face challenges servicing their US dollar obligations, a report has stated. Lagos-based investment and research firm, CSL Stockbrokers Limited, which stated this in a report titled: “Banks and FX Devaluation,” held the […]

Obinna Chima Given the depreciation of the naira exchange rate and the liberalisation of the forex market, credit growth is likely to remain subdued this year, a report has stated. Given the relatively weaker macro environment, the report, “Nigerian banks -Life after ’40,” by Renaissance Capital Limited, stated that many of the banks had guided […]

  • IMF

WASHINGTON, June 16 (Reuters) – The International Monetary Fund said on Thursday it welcomed the decision by Nigeria’s central bank to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. IMF spokesman Gerry Rice told a weekly news briefing the Fund wanted to […]

Obinna Chima in Lagos and James Emejo in Abuja Three weeks after he announced the introduction of a flexible exchange rate regime, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, will today finally unveil the much-anticipated guidelines paving the way for the new forex regime, THISDAY exclusively learnt on Tuesday. This […]

  • CBN

As markets and investors await Central Bank of Nigeria’s (CBN) new window for determining the flexible exchange rate regime announced at the last Monetary Policy Committee (MPC) meeting, analysts from FBN’s market and liquidity risk management department and Rencap have said that the apex bank is likely to float the national currency around N298/$ and […]

  • dollar to naira

By Oludare Mayowa and Chijioke Ohuocha LAGOS, June 2 (Reuters) – A meeting between Nigeria’s central bank governor and local currency traders has failed to dispel uncertainty over the implementation of plans to abandon the naira peg and adopt a flexible currency, bankers said on Thursday. The Financial Market Dealers Association (FMDA), an association made […]

Obinna Chima The Central Bank of Nigeria (CBN) wednesday held a meeting with treasurers of banks, one of a series of consultations with critical stakeholders in the financial system, to discuss its planned adoption of a flexible exchange regime. A reliable industry source, who confirmed the meeting with bank treasurers to THISDAY, said it took […]

Nigeria’s Foreign Trade Declines to N2.72tn from N3.51tn Bolaji Adebiyi, with agency report, James Emejo in Abuja, David-Chyddy Eleke in Awka Faced with an economy nearing recession and inflation at the highest in almost six years, President Muhammadu Buhari has backed down on his refusal to allow the naira to weaken. The President, according to […]