CBN defended Naira with $11.5bn forex in Q1

MPC retains MPR at 11.5%

The Central Bank of Nigeria (CBN) injected $11.5 billion foreign exchange (Forex) into the economy in the first three months of 2020 to boost the capacity of the local currency, naira. Latest figures from the CBN on the supply of forex showed that $2.96 billion, $3.39 billion and $4.7 billion were injected into the market in January, February and March respectively. The investors’ and exporters’, small and medium enterprises and invisible segments got a total of $7.23 billion; the Bureau De Change segment was funded $3.6 billion, while the interbank…

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Volatility, negative sentiments ahead of Q2 earnings decline, asset revaluation

Volatility, negative sentiments ahead of Q2 earnings decline, asset revaluation

By Ambrose Omordion Trading on the Nigerian Stock Exchange (NSE) last week recorded the highest weekly loss since May 29, extending the distribution phase of market correction as selloffs and profit taking persisted across the various segments of the market. The mixed performance and volatility witnessed in the period were due to uncertainties surrounding the economy, especially in the second half of the year amidst a marked resurgence of the novel coronavirus infections, which remains a threat to the global economy. Market players continue to price in the expected impact…

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