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Farooq

Posts Tagged "naira float"

HomePosts Tagged "naira float"

Nigeria’s latest attempt to ease the dollar shortage choking its economy is dependent on traders trusting the central bank. The monetary authority opened a foreign-exchange window for investors and exporters Monday where the naira trades between the interbank rate and the black-market rate, which many Nigerians use to access dollars. In the weeks before the […]

Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, says the Central Bank of Nigeria (CBN)  can intervene in the foreign exchange market, but must resist price fixing. He said the bank should also allow the naira depreciate to “maybe 340, maybe 350″ to reflect a real effective exchange rate. Speaking to Channels Television on […]

  • CBN

Central Bank of Nigeria’s latest efforts to clamp down on currency speculators and traffickers with a view to strengthening the foreign exchange rate is a step in the right direction, writes Obinna Chima The Central Bank of Nigeria (CBN) recently applied policy actions on the foreign exchange market that have unnerved speculators and improved the […]

The Central Bank of Nigeria has been advised not to listen to suggestions in some quarters that it should allow the naira to freely float in the foreign exchange market. The Head, Banking and Finance Department, Nasarawa State University, Uche Uwaleke, stated this in a paper he presented at a CBN workshop on enhancing domestic […]

  • CBN

By Vuyani Ndaba JOHANNESBURG, Feb 24 (Reuters) – Nigeria’s authorities may soon devalue the naira but won’t fully relinquish control over it, instead taking steps to narrow the gap between the official and black market rates to boost confidence in the economy, a Reuters poll showed on Friday. A shortage of dollars in Nigeria – […]

A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based […]

Femi Asu with Agency Report The Senate is proposing a new currency law that will give the Central Bank of Nigeria legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by Senator John Enoh, is meant to repeal the existing foreign-exchange legislation, under which market rates are […]

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 […]

Houston, TX June 29 (FxMallam) – As United Airlines prepares for its last scheduled flight from Houston to Lagos, Nigeria on June 29, 2016, rumors reaching Fxmallam.com from internal sources suggest that the Houston based carrier may be reconsidering it’s decision to pull out of the West African Country. Both Houston and Lagos are key centers for […]

  • dollar to naira

LAGOS, June 20 – The Central Bank of Nigeria (CBN) sold $500 million at N280 per dollar at the interbank market on Monday after a “managed float” of the Nigerian naira did not yield to trading between banks due to liquidity concerns according to traders. Last week, CBN hinted at doing enough to aid the market upon […]