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Nigeria banking outlook positive as liquidity constraints ease — Nigeria Today

The outlook for the Nigerian banking sector is positive mid-way through 2017, as rising oil receipts and greater liquidity in the economy, following the introduction of a new, tradeable, exchange rate in April, will see the economy and the banking sector improve, according to Business Monitor International (BMI) a Fitch Group Company in a report […]

700 BDCs inactive due to low forex patronage

More than 700 Bureau De Change (BDC) operators have in recent months been rendered inactive in the Central Bank of Nigeria (CBN) Forex Window, putting  the sustainability of their businesses under serious threat, the Association of Bureaux De Change Operators of Nigeria (ABCON) has confirmed. Confirming the development at the weekend, the  President of […]

FMDQ OTC Exchange Records N78.9tn Transactions in Eight Months

By Goddy Egene The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July.  Trading statistics obtained by THISDAY, however, showed a decline of 8.6 per cent in the month of July. Investors traded N11.53 trillion in July, down from N12.62 trillion recorded in June.  But […]

BDCs lose ground to banks in forex sales

More than 700 Bureaux De Change (BDC) operators are inactive in the Central Bank of Nigeria’s (CBN’s) Forex Window as forex end users embrace commercial banks, The Nation has learnt. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting […]

Interbank Rates Fall on Matured Treasury Bills

MARKET INDICATOR  By Obinna Chima Nigeria’s interbank overnight lending rate fell sharply on Friday to an average of 12 per cent from around 60 percent a week ago after the central bank repaid matured treasury bills and a refund of excess cash deposited by banks to buy dollars. The central bank sold $100 million at […]

700 BDCs under threat over low patronage – Punch Newspapers

No fewer than 700 Bureau De Change operators have come under threat as purported uncompetitive exchange rate continues to hit their bottom line. The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the development had rendered the BDCs inactive at the Central Bank of Nigeria foreign exchange window. This, he […]

CBN’s Steps Towards Single Exchange Rate Appropriate, Say Manufacturers, Analysts

MAN: Apex bank’s objective’ll improve forex availability, shore up reserves, strengthen naira Kunle Aderinokun Determined to crash the parallel exchange rate and achieve a single exchange rate, the Central Bank of Nigeria last Tuesday made some moves to further strengthen the value of the naira. The CBN, in a circular signed by its Director, Trade […]

Central Bank Of Nigeria (CBN) Intervenes With $364 Million Dollar

This is to notify the general public that Central Bank Of Nigeria (CBN) on Tuesday intervened in the interbank forex market to the tune of $364 million, in a bid to sustain liquidity in the market. A breakdown of the intervention indicated that the retail Secondary Market Intervention Sales (SMIS) received the largest allocation of […]

Dollar to Naira black market rate today Friday, 18th August 2017

Dollar to Naira black market rate today Friday, 18th August 2017 Naira ends week on loosing note Dollar to Naira black market rate today Friday, 18th August 2017 is N365/N369.  The Exchange rate of dollar to naira has seen the NGN Naira have mixed fortunes against the USD Dollars during the course of the year. Earlier in […]

Parallel Market Rate Crashed By Central Bank of Nigeria (CBN)

The central bank issued the directive in a circular titled, “Payment of Ports and Nigerian Maritime Administration and Safety Agency Charges by Oil Marketing Companies,” signed by its Director, Trade and Exchange Department, Mr. W.D. Gotring.As part of efforts to further strengthen the value of the Naira on the parallel market segment of the foreign […]

Naira woes continue unabated despite CBN's intervention

The Nigerian naira is seen weakening on the black market in the coming days as demand for the dollar increases, but is expected to trade within a …

TSA: FG begins audit of banks’ remittances to CBN | | MMS PLUS WEEKLY NG

Ahmed Idris The Federal Government has commenced an independent audit of remittances of its funds into the Treasury Single Account by Deposit Money Banks. The TSA is a platform used by the government to unify all its accounts by ensuring that all funds belonging to the Federal Government are kept with the Central Bank of […]

Forex turnover jumps to $265.59m at investors window — Nigeria Today

The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window. Dealers attributed the rise to increased dollar inflows from offshore fund managers investing in the domestic equity market. Data from FMDQ show that naira depreciated by N1.48k to close at N36117k per dollar […]

Forex turnover jumps to $265.59m at investors window

August 18th, 2017 Editor Markets, News 0 comments The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window. Dealers attributed the rise to increased dollar inflows from offshore fund managers investing in the domestic equity market. Data from […]