MPC may increase benchmark rate with inflation poised to halt slide – Rewane

October 13, 2021 Blessing Anaro 0

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), analysts are certain will increase the benchmark rate, otherwise known as the Monetary Policy Rate (MPR) when it meets next in November. This is because, survey by analysts indicates that inflation which has declined six consecutive times will look up north September. Since March 2021, Nigeria’s inflation rate Read More

Expert opens up on Naira crisis, says situation may persist

September 20, 2021 Segun Odunewu 0

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has said that if Nigeria doesn’t diversify its economy but continues to rely on crude oil as a mono-product economy, the Naira crisis may get worse, and not better. Recall that since the suspension of forex sales to Bureau De Change (BDC) operators by the CBN, the Read More

$34bn untapped remittances: Why BDCs should be involved

September 15, 2021 Blueprint 0

The Central Bank of Nigeria (CBN) recently stopped the sale of foreign exchange to Bureaux De Change (BDC) operators over accusation of illicit financial behaviour. However, analysts have stressed the need for the apex bank to allow the BDCs receive diaspora remittances through the institution of a framework that allows those with automated operations access the estimated $34 billion into Read More

N720bn swap: Importers still face challenges despite Nigeria, China agreement

September 6, 2021 Segun Odunewu 0

Bureaucracy and bottlenecks have been major challenges faced by Nigerian traders and importers carrying out business transactions from China despite the N720bn currency swap arrangement between both countries in 2018. The Bilateral Currency Swap (BCS) agreement was to allow importers of goods from China to conclude their transactions in Yuan instead of the greenback (US Dollar) and vice-versa. This was Read More

Naira falls to new record low at parallel market

September 2, 2021 Segun Odunewu 0

The naira hit a new record low, depreciating against the dollar at the parallel market, as it was traded at N528/$1 on Thursday, 2nd of September 2021, representing a N2 drop when compared to N526/$1 recorded on the previous trading day. The naira fell against the dollar across the forex markets with demand pressure, despite the dollar supply of $486.31 Read More

Quarterly revenue from crude to hit $14bn – Rewane

August 8, 2021 Blessing Anaro 0

The future appears bright for the country with crude oil quarterly revenue poised to reach $14 billion, whilst trade balance to berth on the positive side after a long period of repeated trade deficits. In addition, contrary to expectations of some cynic that the naira would plummet after the Central Bank of Nigeria (CBN)’s decision to stop funding the Bureau Read More

No forex sale to BDCs: CBN disrupts juiciest economic racket – Rewane

July 29, 2021 Blessing Anaro 0

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) may have unwittingly upturned table of one of the ‘juiciest gravy trains in the Nigerian economic racket’ with the disruption of the sales of foreign exchange (forex) to the Bureau De Change (BDCs), Bismarck Rewane, Chief Operating Officer (COO) of Financial Derivatives Company (FDC) Limited has said. For Rewane, this Read More

Naira depreciates, nears N500/$1 after CBN devaluation

May 27, 2021 Segun Odunewu 0

The exchange rate between the naira and the US dollar closed at N411.50/$1 at the Importers and Exporters window, where forex is traded officially, moving closer to the N500/$1 mark at the black market after CBN’s devaluation of the local currency despite a 262 percent increase in dollar supply. While the Naira appreciated against the US dollar in the early Read More

Mixed fortune as stocks lose N415.9bn, oil price tops 2%

May 9, 2021 Blessing Anaro 0

Markets last week recoded mixed fortune with the market capitalisation of the Nigeria Stock Exchange (NSE) shedding N415.9 billion to berth at N20.4 trillion, crude oil prices appreciating two per cent to close at $68.12/b, while the naira gaining N2 at the parallel market to close at N483/$. At the NSE, gain was reversed last week as investors took profits Read More

Equity market surges 1.3% as naira sheds 300k at parallel market

April 25, 2021 Blessing Anaro 0

The Nigerian equity market bounced back to the green turf last week with its All Share Index (ASI) topping 1.3 per cent. This is as the foreign exchange (forex) saw the naira slump 300 kobo to close at N485 to the dollar. Last week, the Nigeria Stock Exchange (NSE)recorded gains on all trading sessions as investors cherry-picked bellwether stocks on Read More

Forex market remains calm as crude prices, foreign reserves rise

March 28, 2021 Blessing Anaro 0

The foreign exchange (forex) market was muted last week, even as crude oil prices in the international market rose marginally and the nation’s foreign reserves inched up.Specifically, the Central Bank of Nigeria (CBN) spot and parallel markets trade. Flat to close at N379/$ and $486/$ respectively. The situation was the same at the Investors’ and Exporters’ window as the rate Read More