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The British pound on Monday hit a seven-week high against the dollar as UK Prime Minister Theresa May delivered an upbeat speech on the eve of a key Brexit vote which she is expected to lose, dealers said.
Stock markets retreated once more Thursday as China’s slowing economy forced Apple to slash its revenue forecast, wiping as much as $55 billion from its value and dragging down share prices in the wider technology sector.
The Central Bank of Nigeria (CBN) yesterday intervened in the interbank sector of the foreign Exchange market, injecting $210 million into the wholesale segment and other sectors of the market.
South Africa’s rand is expected to erase around a third of the 10 per cent gains made in the past two months in the run-up to May elections as strong volatility rattles the currency, a Reuters poll found on Thursday.
The Lagos Chamber of Commerce and Industry (LCCI) has warned that the declining global oil prices pose a risk to stability in the foreign exchange market and may threaten the ongoing negotiation on the new minimum wage.
Should oil prices continue to decline and fall below Nigeria’s Medium Term Expenditure Framework (MTEF) benchmark of $60 per barrel, the impact on the country’s economy could include the naira depreciating to $380/$, analysts at Financial Derivatives Company (FDC) have predicted.
The Nigerian central bank plans to boost its dollar sales to exchange bureaus after the currency weakened sharply on the black market.
The Naira on Thursday depreciated at the parallel market, exchanging at N368 to the dollar.
The dollar weakened against other major currencies on Thursday as markets took Federal Reserve Chairman Jerome Powell’s comment that U.S. interest rates were just below neutral as a signal that a three-year rate-hiking cycle is nearing an end.
The Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).
Oil prices slumped to one-year lows Friday on lingering concerns over high crude supplies, while stocks diverged at the end of another volatile week for global markets.
The Federal Government says it will increase power generation by 2,000 megawatts from the current 7,000mw to 9,000 megawatts by the end of 2018.
The dollar stuck to tight ranges against its major rivals on Tuesday as investors favoured caution ahead of U.S. mid-term elections later in the day.
The Peoples Democratic Party (PDP) on Tuesday warned Nigerians not to grant a second tenure to President Muhammadu Buhari as doing so is an invitation to totalitarianism.
President Muhammadu Buhari has decorated the new acting Inspector General of Police (IGP), Abubakar Mohammed Adamu, with his new rank, with the new top cop promising immediately that he will ensure a level playing ground for all political parties in the forthcoming elections.
The Judiciary Staff Union of Nigeria (JUSUN) has apologised to Mr Suleiman Dikko, the Chief Judge (CJ) of Nasarawa State for disrupting the sitting of his court.
A 31-year-old chef, Innocent Etim, was on Tuesday arraigned in an FCT High Court, Nyanya, for allegedly raping a 13-year-old girl.
A gunfight was underway following a blast at a hotel and office complex in a leafy Nairobi neighbourhood Tuesday, an AFP reporter and a witness said.
Despite several Premier League clubs and Turkish side aiming to sign Victor Moses, Crystal Palace is not giving up on having their former star returning to Selhurst Park.
Deep in a period of historic weakness, Germany’s sharply divided left-wing parties commemorate Sunday the larger-than-life revolutionary Rosa Luxemburg on the 100th anniversary of her murder.
A 10-year-old boy, Umar Sannafi, on Tuesday night died in a well at Kurna Asabe (Gogurawa) in the Fagge Local Government Area of Kano state.
South African President Cyril Ramaphosa on Saturday launched the ANC’s campaign for legislative elections in May, acknowledging the party’s past mistakes and promising to restore democratic institutions and economic growth.
Senate President Bukola Saraki has reeled out election figures to support claims that the Peoples Democratic Party (PDP) stands a great chance of winning the presidential polls.