FOREX: CBN defends naira with $21.18bn in 11 months

CBN defends naira

FOREX: CBN defends naira with $21.18bn in 11 months     In bid to meet demands and further strengthen naira, the local currency, the Central Bank of Nigeria (CBN) sold foreign exchange amounting to $21.18billion to authorised dealers between January and November last year, findings have shown. The figure is $13.40 billion less than the $34.58 billion that the regulator sold to authorised dealers in the corresponding period of the previous year. According to the November 2020 monthly economic report it released a few days ago, the CBN sold forex…

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External reserves rise by $930m in two weeks

CBN defends naira

External reserves rise by $930m in two weeks   The country’s external reserves rose by $930 million from $35.37 billion as of December 31, 2020 to $36.30 billion as of January 14, 2021. Figures obtained from the Central Bank of Nigeria (CBN) have shown. This is in line with an earlier projection by Fitch Rating that the reserves could hit $42 billion by the end of 2021 The CBN also disclosed that foreign exchange inflow through the bank in the third quarter of 2020 stood at $6.97 billion. It said,…

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Forex inflow through CBN declines to $6.97bn in Q3 2020

CBN defends naira

Forex inflow through CBN declines to $6.97bn Q3 2020   Foreign exchange inflow through the Central Bank of Nigeria (CBN) in the third quarter of 2020 stood at $6.97 billion. The CBN disclosed this in the third quarter economic report. It said, “Foreign exchange inflow through the Central Bank of Nigeria decreased in the third quarter of 2020, largely due to a reduction in non-oil inflow. “During the review period, aggregate foreign exchange inflow through the CBN stood at $6.97bn, a decrease of 30.7 per cent and 43.6 per cent…

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AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure

AfCFTA implementation

AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure   Analysts at PFI Capital Limited have said that the huge demand for foreign exchange in Nigeria will ease if there is an effective implementation of African Continental Free Trade Area (AfCFTA) agreement and a significant increase in the country’s export earnings. The analysts, who stated this in a report obtained by Business Metrics, noted that the surge in demand for forex resulted in naira losing close to 30 per cent in value within the last one year, and more than…

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ABCON: COVID-19, forex volatility portend more woes for businesses except…

crypto trading ban

ABCON: COVID-19, forex volatility portend more woes for businesses except…     Foreign exchange (forex) scarcity in Nigeria portend a more difficult operation environment for businesses of various scales in the country, Alhaji Aminu Gwadabe, the president of Association of Bureaux De Change Operators of Nigeria (ABCON) has warned. Gwadabe, who disclosed this during a chat in Lagos added that the Nigerian business environment is becoming more hostile and unbearable for local manufacturers, foreign operators and Micro, Small and Medium sized Enterprises (MSMEs) due to the escalating exchange rates, foreign…

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CBN’s forex reserves inch up to $35.4bn

CBN defends naira

CBN’s forex reserves inch up to $35.4bn   The nation’s external reserves rose to $35.4billion as at December 30 from $34.98 billion recorded as at December 24, data obtained from the Central Bank of Nigeria (CBN) shows. This means that the reserves have increased by $531.3million since December 17, when they stood at $34.8billion. It also means that after heading south for most part of the year, due to the sharp drop in the price of oil(the commodity that accounts for about 90 per cent of Nigeria’s export earnings) and…

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What No One Told You about “How to Make a Million Dollars Trading Forex”

forex reserves shed

What No One Told You about “How to Make a Million Dollars Trading Forex” By Olayinka Ajayi Before you start joining groups, here are what you should know about these folks peddling forex like it’s a commodity. They don’t make money from forex. Heck! Some of these folks have never navigated a forex chart. The screenshots they post are from a practice account the broker you sign up with dashes you to practice how to trade. If anyone walks up to you and starts preaching the forex gospel, ask him/her to…

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Mixed sentiments at the FX, fixed income market

Fixed income yield continue to weaken

The Nigeria’s fixed income market closed amidst mixed sentiments on Wednesday as performances vary from the forex to the treasury bills and the bond markets. Foreign Exchange market The CBN official exchange rate closed at N379 to a dollar, while the street market rate closed at N476 to the dollar and at the Importers’ & Exporters’ (I&E) forex market, the naira weakened by 0.17 per cent as the dollar was quoted at N394.67 as against the last close of N394. However, most participants maintained bids of between N385 and N408.84…

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Naira slips to N465/$1 at parallel market

External reserves

After appearing to have stabilised against the dollar across foreign exchange markets in recent days, the naira on Wednesday and Thursday fell to N465 per dollar at the parallel market from N463/$1 last week, traders said. The local currency has been under pressure at the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil (the commodity that accounts for about 90 per cent of Nigeria’s export earnings). However, after rebounding from N477 per dollar to N440/$1 in…

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Poor forex policies discouraging investors –LCCI

External reserves

The Lagos Chamber of Commerce and Industry has said inappropriate foreign exchange policies are discouraging new capital investments. The President, LCCI, Mrs Toki Mabogunje, during the group’s quarterly press briefing on the state of the economy, pointed out that there had been a sharp decline in capital inflows between the first quarter and the second quarter of the year. She said this could be linked to the capital control policies introduced by the Central Bank of Nigeria. The LCCI boss called for the introduction of a market-driven foreign exchange management…

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