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Farooq

Posts Tagged "flexible rate"

HomePosts Tagged "flexible rate"
  • IMF

The International Monetary Fund (IMF) has enjoined the Central Bank of Nigeria (CBN) to implement a flexible foreign exchange regime by focusing on macro-economic stability to set the stage for a robust growth. Its Director for African Department, Mr. Abebe Aemro Selassie, gave the charge yesterday while officially unveiling the sub-region’s growth forecast for 2017 […]

The naira appreciated at the parallel market yesterday, gaining N5 at N445 to a dollar from N450 it exchanged last Friday. The development has put currency speculators in series of losses in the last three weeks, as the parallel market rate has fallen from a record high of N520/$ to N445/$ yesterday. This development is […]

The Central Bank of Nigeria’s (CBN’s) decision to adopt the flexible foreign exchange (forex) policy on June 20, which devalued the naira by 40 per cent against the dollar, has come with dire consequences on the economy. With 10 different exchange rates in operation, businesses declaring huge losses, dwindling consumer purchasing power, rising inflation and […]

  • dollar to naira

The new foreign exchange regime is failing to bridge the gap between parallel and interbank market rates of the naira to foreign currencies, TheCable can report. At the introduction of the regime, the Central Bank of Nigeria had argued that the new regime would see the naira settle reasonably at 250 to the dollar. The […]

  • CBN

Renewed attention has been turned on the Central Bank of Nigeria over its ability to fulfill the $3.5 billion forwards contract executed on the first trading under the flexible exchange rate regime. Besides, as the one-month forwards component of the $3.5 billion, estimated at about $697 million nears redemption date, stakeholders have said its success […]

The Central Bank of Nigeria (CBN) says it is not interfering in the newly introduced flexible exchange regime aimed at ensuring foreign exchange stability as being speculated in some quarters. Godwin Emefiele, the CBN Governor, stated this at a press conference in Lagos. Emefiele said that the flexible exchange rate regime pricing was based on […]

Anna Okon Manufacturers who had outstanding dollar requests and Letters of Credit (applied for at N197/dollar) before the new foreign exchange policy came into existence lost approximately  N348.6bn by Monday, June 20, 2016, the day the policy commenced, findings by our correspondent have revealed. The outstanding LCs and dollar requests totalled $4.02bn and they were […]

Eromosele Abiodun Despite the appreciable progress recorded in the foreign exchange market since the Central Bank of Nigeria (CBN) announced its new foreign exchange policy, manufacturers in the country have decried their inability to get the greenback to import raw materials for production. They have therefore called on the federal government to create a special […]

Dollar to Naira Rate Black Market July 1 2016. Today’s Naira Black Market Exchange Rates. Dollar to Naira. Pounds to Naira. Euros to Naira. Prevalent rates for the City of Lagos. Actual rates may vary slightly based on vendor. Rates are updated during the day as they change.   NAIRA (N) USD ($) EURO (€) […]

By Felix Onuah ABUJA, June 27 (Reuters) – Nigeria’s President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira’s currency peg against the U.S. dollar being removed. Nigeria’s central bank abandoned the naira’s 16-month old exchange rate peg, of 197 naira to a dollar, […]